The present knowledge driven era, accompanied with the utmost reliable yet scary technology, brings all of us at a threshold of great power and intelligence. The current scenario is driven by creativity and innovation, which must be protected, channelized and digitized for the time to come.
As per the cue of the aforementioned thought, the Finance Minister Arun Jaitley has released India’s National Intellectual Property Rights (IPR) Policy recently. The Policy which is in compliance with WTO’s (World Trade Organisation) agreement on TRIPS (Trade Related aspects of IPRs), aims to sustain entrepreneurship and boost Prime Minister Narendra Modi’s pet scheme ‘Make in India’.
Enhancing the protection of IPR beyond the Trade-Related Aspects of Intellectual Property Rights (TRIPS), the Indian government has announced an IPR policy that is compliant with global norms. Intellectual property (IP) is a collection of ideas and concepts, which can be protected through trademarks, copyrights and patents. If you make it easy for others to steal your ideas, you can ultimately end up washing away your own path to success. Thus, comes into the picture the protection of the publicised and copyrighted works.
Through its national IPR policy, the government aims to create an environment where innovation is of essence, and so is the protection of the overload of knowledge that goes into its making. Protection of intellectual property, through patent and copyrights, can only be provided through well-defined laws, which balance the interests of the public with those of intellectual property owners. With protection of intellectual property comes an impetus to amplify it further.
Thus, the policy enables the Indian companies to get values for IPRs through commercialisation of knowledge and ideas. The IPR policy considers the intangible aspects of intellectual property being considered and valued for.
It doesn’t take a rocket scientist to dwell upon the conclusion that the new IPR policy is designed in a way to facilitate the ease of doing business in India. The policy ensures credibility with potential investors and strategic partners aiming for a great impel to our investments.
Apart from the values that are promised to be incurred under the new IPR policy, a certain fact stands out. The IPR policy allows the international copyrighted material to be circulated in our country, providing them with great business and economy. Apparently, India claims to have been pressurised by the US to make the IPR protection stricter in India to curb the piracy of music, movies and unlicensed software, which causes losses of $7 billion annually.
While the industries, internationally, will be booming due to its extensive reach, our traditional knowledge which has gained momentum with the new policy is being conned. The aspect of protecting our traditional knowledge has been extensively been used in our first ever IPR policy. Using the façade of traditional knowledge, Indians are being forced to believe that the policy is not just for international business, but also for our country’s ethics.
Protection comes with a cost, apparently, with none for our Indian traditional knowledge.