Finance Minister Arun Jaitley announced that India has introduced a new National Intellectual Property Rights Policy to safeguard commercial interests that arise from creativity, such as music, books, art, software, and drugs and pharmaceuticals. Since India wants to meet the global obligation to protect innovation, and make it a core of industrial progress, the new policy will serve to ensure synergies between the statute and institutional mechanisms.
Jaitley said the country has a robust trademark law in place and the underlying principle is that a person should sell products under his own identity and name. Patents for medications for example may give rise to a monopolistic situation, hence a balancing act is needed.
The new law will cover books, publications, films, music, industrial drawings, and a host of laws will be streamlined on designs, geographical indication, trade marks and patents, as a strong regime on the subject was among India’s commitments to the World Trade Organization under the Trade related Intellectual Property rights agreement. The new policy has flexabilities to protect its developmental concerns.
Different department’s actions will be monitored by the Department of Industrial Policy and Promotion that will oversee implementation and development of intellectual property in India. Expert on the subject, Pravin Anand of the law firm Anand and Anand said ‘he is pleased to see the change in India’s approach in this area, which is one of the most powerful things being done in 50 years on intellectual property rights’.