Economics and National IPR Policy of India

Abstract

Economy of a country depends on various factors including its tangible and intangible assets. Intangible assets which may be a product of human ingenuity and innovation in any of the subjects like science and technology, arts and culture, traditional knowledge and biodiversity resources. Further, most of intangible assets are stimulated by legal regulations and particularly the Intellectual Property Rights (IPR). The power of knowledge and intellect is one of the key drivers for a nation economic growth and socio-cultural development as it benefit the public in large. A substantial part of such knowledge is the part of free public domain which must not be claim by a person intending to compete with other. Only new research outputs having some value addition and other product of intellect may be permitted to be monopolizing by the right-holder(s). Such acts of monopoly as per the law may be restricted in public interest like as in case of compulsory licensing in patented drugs. The law and the implementation framework for IPR of a country reflect the policy of the country and national priorities, which have evolved over time, taking into account the dynamics of society development in the country and international commitments. With a view to stimulate a dynamic, vibrant and balanced intellectual property rights system in India now there is National IPR Policy, 2016. This Policy seems a major tool directing Indian IP system in order to strengthen the Indian economy and so with aligning with related international policies. The policy address all facets of the IP system in the country and not only promote IP but will nurture the IP culture to the greater level in India. The Policy is expected to guide and enable innovators including creators and inventors to realize their potential for generating, protecting and utilizing IP which would contribute to wealth creation, employment opportunities and business development. It will integrate and create synergies with IP related aspects of various sector specific policies and provide a roadmap for holistic, effective and balanced development of the IP system in India. The objectives of the policy are designed to facilitate the ease of doing business in India and attract foreign direct investment.