Finance Minister Sitharaman emphasises role of IPR laws in facilitating R&D

IPR laws in India: Finance Minister Nirmala Sitharaman highlighted the pivotal role of intellectual property rights (IPR) laws in fostering research and development (R&D) in India. The minister was addressing the book launch event of Justice Prathiba M Singh on Patent Law. She emphasised that the government aims to position IPR laws as facilitators rather than barriers in the R&D process.

Sitharaman expressed gratitude to the Prime Minister for the comprehensive policy framework introduced in 2016 after extensive consultations. She underscored the need for a balanced approach to IPR laws, ensuring protection for innovators while considering the broader societal implications of patents.

The legislative framework consolidates various aspects of intellectual property management, covering patents, trademarks, industrial designs, copyrights, geographical indications, semiconductor integrated circuit layout designs, trade secrets, and plant varieties. Sitharaman noted that the framework is compliant with the Trade-Related Aspects of Intellectual Property Rights (TRIPS) agreement, striking a balance between patent protection and development concerns.

To encourage greater patenting activities, the government has implemented measures such as fee reductions for startups, MSMEs, and educational institutions. Sitharaman highlighted efforts to expedite examination processes and provide specialised assistance to specific applicant groups.

Additionally, she mentioned the government's initiative, the "Scheme for Pedagogy and Research in IPRs," aimed at promoting holistic education and academia in intellectual property rights.

(With PTI inputs.)