The Cabinet has approved the national intellectual property rights (IPR) policy with a view to promoting creativity, innovation and entrepreneurship.
The aim is to create awareness about economic, social and cultural benefits of IPRs among all sections of society, Union Finance Minister Arun Jaitley said on Friday while briefing reporters about Thursday's Cabinet decisions.
The minister also said that by 2017, the window for trademark registration will be brought down to one month.
"The policy aims to create and exploit synergies between all forms of intellectual property (IP), statutes concerned and agencies," he said.
According to Jaitley, there are seven objectives that guided the policy mechanism, which include IPR public awareness, stimulation of generation of IPRs, need for strong and effective laws and strengthening enforcement and adjudicatory mechanisms to combat infringements.
The policy also puts a premium on enhancing access to healthcare, food security and environmental protection.
It is expected to lay the future road map for intellectual property in India, besides putting in place an institutional mechanism for implementation, monitoring and review.
The idea is to incorporate global best practices in the Indian context and adapt to the same.
This policy shall weave in strengths of the government, research and development organisations, educational institutions, corporate entities, including MSMEs, start-ups and other stakeholders towards creation of an innovation-conducive environment, an official statement read.
The end product stimulates creativity and innovation across sectors as also facilitates a stable, transparent and service-oriented IPR administration in the country, it stressed.
Giving due recognition to the growing criticality of IPR in the global arena, the blueprint makes out a case for increasing its awareness in India, whether it is owned by oneself or according respect to others.
"The importance of IPRs as a marketable financial asset and economic tool also needs to be recognised. For this, domestic IP filings as also commercialisation of patents granted need to increase. Innovation and sub-optimal spending on R&D too are issues to be addressed," the statement said further.
The policy has been approved with a view to promoting creativity, innovation and entrepreneurship.