The budget has proposed to set up a digital platform for seamless application and capture of Intellectual Property Rights.
This will promote and safeguard patents at a time when protecting IPR has assumed global significance, as it had become one of the major talk points in the ongoing US-China trade negotiations.
“If we follow the US-China trade talks, IP is one of the major issues there. So, this (India’s move to launch a new IP platform) sends the right signals globally,” said Salman Waris, partner at TechLegis Advocates and Solicitors.
Finance minister also said the government will set up a centre of excellence to work on complexity and innovation in the field of IPR.
India has been building infrastructure for IPR over the past couple of years, with the latest move being in line with the National IP Policy. Stronger IPR will also create a positive business environment, Waris said. “India truly has a shot at becoming a deep-tech nation in the next decade and it will happen on the back of IP that gets created in India and stays in India,” said Manish Singhal, founding partner at Pi Ventures, which invests in AI and space tech companies.