The Department Related Parliamentary Standing Committee on Commerce, under the chairmanship of Mr. V. Vijayasai Reddy presented a report before Rajya Sabha on Review of the Intellectual Property Rights Regime in India (herein referred as report 161) on 23.07.2021.
Following are the takeaways from the report 161 :
- There is a need for re-assessment of IPR policy hence recommended to review the IPR policy,2016.
- Steps to be taken to encourage IP financing.
- Involve state governments to frame strong IP policy for their respective states .
- Its a High time to emphasize upon increasing the spending on Research and Development (R&D) activities by allocating specific funds on R&D in each Department/Ministry, and this will results in increased number of IP generation more particularly with patents.
- There is a need for exclusive apex level Institution for IPR Development in India for which work towards economic and social growth.
- Tagging the products under filing stage with “Patent Pending” status .
- Need for more IP awareness initiatives to increase IPR filings .
- Establishing IPR Facilitation Centers in Tier-I, Tier-II and remote regions of the country.
- Creation of IP Fund and Fostering IP Culture.
- The Committee recommends to increase renewal time of Copyright Societies from 5 to 10 years.
- Need for a centralized agency for GIs to ensure stringent enforcement mechanism to monitor the standards look over infringements at different platforms.
- Need to strengthen the TKDL (Traditional Knowledge digital library).
- Recommended for a separate category for Inventions created at level of schools and colleges.
- Need for a separate framework to protect Trade secrets.
With a quick reference to the detailed 150+ page report, the committee tried to address the issues from awareness initiatives, to few amendments with related to the Acts related to IPR in India. Hope the recommendations made by committee will put a way forward to boost the economics of IPRs more specifically contributing to the socio economic balance.
For Full Report -161: Download here
Contributed by: Jnana Teja .