Indian Economy to witness rush of reforms in IPR Sector…

IPR

Indian economy to get new reforms in the Intellectual Property Rights in recent years…

Last week, Indian government assented to a new Intellectual Property Rights (IPR) policy. It lays out seven broad objectives – which include strong laws, effective enforcement, better administration, promotion of public awareness, human capital development, generation and commercialization of IPRs – which are to be achieved through ‘detailed action points.’

In today’s business world, safeguarding one’s IPRs is not an option but, a way of carrying out a business. Few critics pointed out that the new policy requires more details, while some say that ‘National Intellectual Property Rights Policy’ is an escalating step even though it has been delayed.

As per facts, the count of patent applications is quite low in India compared the count of applications in the US, China and South Korea. This count is making us uncompetitive in the domestic as well as global markets.

Arun JaitleyThis urges on spreading IPR awareness on an urgent basis. Also, India’s IPR registration “takes very long and sometimes years,” admitted Economy’s Finance Minister- Arun Jaitley, recently.

Adding to this, most of the economy’s states have patent facilitation centers present, but their numbers is in deficiency. These numbers require boosting.

The IPR process seems to be a task for small enterprises. As per a survey, many small entrepreneurs think that the IPR registration amount should be lowered. And even when small firms get their patents, protecting their patents is again a big task for them because of the high costs and legal issues involved.

Meanwhile, the other small entrepreneurs think that the process is burdensome and they choose to ignore the registration. Protecting a registered brand is also a difficult task and a significant affair since a single logo or brand name is registered for two or more enterprises.

The government is unaware of such ground realities while it aims to achieve something genuine in promoting an IPR culture in the economy.

All of the above information indicates that real sustainable turnabout in industrial productivity is a bit far from the Economy’s current situations.