File photo of director of marketing for Google India, Sandeep Menon, talking to media during a ‘Google House’ event showcasing the company’s latest product innovations for India in Bangalore, Aug. 18, last year. (Manjunath Kiran | AFP | Getty Images)

The aim is to create awareness about economic, social and cultural benefits of IPRs among all sections of society, Finance Minister Arun Jaitley said, May 13, while briefing reporters about Cabinet decisions made on May 12.

The minister also let out that by 2017, the window for trademark registrations will be brought down to one month.

“The policy aims to create and exploit synergies between all forms of intellectual property (IP), statutes concerned and agencies,” he said.

According to Jaitley, there are seven objectives that guided the policy mechanism, which include IPR public awareness, stimulation of generation of IPRs, need for strong and effective laws and strengthening enforcement and adjudicatory mechanisms to combat infringements.

The policy also puts a premium on enhancing access to healthcare, food security and environmental protection.

It is expected to lay the future road map for intellectual property in India, besides putting in place an institutional mechanism for implementation, monitoring and review.

The idea is to incorporate global best practices in the Indian context and adapt to the same.

This policy shall weave in strengths of the government, research and development organizations, educational institutions, corporate entities, including MSMEs, start-ups and other stakeholders towards creation of an innovation-conducive environment, an official statement read.

The end product stimulates creativity and innovation across sectors as also facilitates a stable, transparent and service-oriented IPR administration in the country, it stressed.

Giving due recognition to the growing criticality of IPR in the global arena, the blueprint makes out a case for increasing its awareness in India, whether it is owned by oneself or according respect to others.

“The importance of IPRs as a marketable financial asset and economic tool also needs to be recognized. For this, domestic IP filings as also commercialization of patents granted need to increase. Innovation and sub-optimal spending on R&D too are issues to be addressed,” the statement said further.