IPR policy in place, set to ease business

New Delhi: The Union Cabinet on Thursday approved the National Intellectual Property Rights Policy, in a bid to make doing business in India easier. Finance minister Arun Jaitley said it was an important step, and that by 2017, it would take only one month to register a trademark.

The policy aims to encourage entrepreneurship, creativity and innovation and curb manufacturing and sale of counterfeits. With a tagline “Creative India: Innovative India”, it calls for updating intellectual property laws, such as the Indian Cinematography Act.

“The aim is to create awareness about economic, social and cultural benefits of IPRs among all sections of society,” Mr Jaitley said.