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India's cabinet approved its first National Intellectual Property Rights (IPR) Policy on Friday. The policy aims to create awareness in society about economic, social, and cultural benefits of IPRs with a view to promote creativity, innovation and entrepreneurship, according to a statement from the Ministry of Commerce and Industry.

The policy is expected to chart a roadmap for the future of India's intellectual properties, alongside laying an institutional mechanism for implementation, monitoring and review of an IPR regime.

The government, R&D organisations, educational institutions, corporate entities — startups, and micro, small and medium enterprises — will put their strengths together to create an innovation-conducive environment, said the statement. It noted that the efforts will stimulate creativity and innovation across sectors,  collectively facilitating a stable, transparent and service-oriented IPR administration in the country.

The policy mechanism is guided by seven objectives.

7 Policy Objectives
IPR Awareness: Outreach and Promotion Public awareness about the economic, social and cultural benefits of IPRs among all sections of society
Generation of IPRs To stimulate the generation of IPRs
Legal and Legislative Framework To have strong and effective IPR laws, which balance the interests of rights owners with larger public interest.
Administration and Management To modernise and strengthen service-oriented IPR administration
Commercialisation of IPRs To get value for IPRs through commercialisation.
Enforcement and Adjudication To strengthen the enforcement and adjudicatory mechanisms for combating IPR infringements.
Human Capital Development To strengthen and expand human resources, institutions and capacities for teaching, training, research and skill building in IPRs.

While different ministries shall be in charge of these action points, the Department of Industrial Policy and Promotion (DIPP) will be the nodal agency to coordinate, guide and oversee implementation of the policy in all the other ministries.

The policy highlights the criticality that IPRs have attained globally, and attempts to push the trend in India with regard to innovations owned by oneself or 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.

With the slogan "Creative India, innovative India," the vision document aims to create and exploit synergies between all forms of intellectual property (IP), concerned statutes and agencies, said the statement.