Q. Which of the following institution is the nodal agency for all IPR issues and the policy?
It aims to promote a holistic and conducive ecosystem to catalyse the full potential of intellectual property for India’s economic growth and socio-cultural development, while protecting public interest.
- The rationale for the National IPR Policy lies in the need to create awareness about the importance of IPRs as a marketable financial asset and economic tool.
- Department for Promotion of Industry and Internal Trade is the nodal agency for all IPR issues and the policy will be renewed every five years in consultation with all the stakeholders.
- The policy will also suggest incentives such as tax benefits and fee waivers to encourage R&D and IP creation to strengthen the Make In India/Start-up/Digital India initiatives.
- To protect ‘small inventions’ developed especially in the informal / unorganised sectors, policy will promote ‘utility patents’ (with lower compliance burden and shorter period of protection, when compared to the normal patents) only for mechanical innovations.