An Overview of Indias Draft IPR Policy

Ours is a capital-scarce nation and so foreign capital plays a very important role of a catalyst in the industrial sector, thus, contributing to economic growth. But, recently, there is a new form of capital which has caught the attention of one and all and that is, human capital. There is lately a growing emphasis on invention and innovation, which is why 2011-2020 has been termed as the Decade of Innovation. One way to boost and protect innovations is Intellectual Property Rights (IPRs). IPRs refer to rights which are conferred on individuals, companies or organizations pertaining to specific innovation or invention in products or processes for a certain period of time. On 22nd October 2014, the Department of Industrial Policy & Promotion (DIPP) set up a National IPR Think Tank (NITT) to draft an overarching IPR policy and advise the government on IPR related issues. The need of the hour is to improve the IPR regime both from the side of the legislation and also from the side of policy-implementation which would help in the creation of a better environment for improving the overall level of innovation in the country.