The government will soon formulate a new policy on intellectual property rights (IPR) that will help in dealing with issues being raised by developed nations and protect India's interests.
At a press conference held here on Monday to highlight the government's performance in the first 100 days, commerce and industry minister Nirmala Sitharaman said that the ministry will soon have a think tank that will enable it to handle IPR issues more firmly.
"India does not have an IPR policy. This is the first time we are coming out with an IPR policy. IPR policy issues have been hanging fire for quite a long time," she said.
"The policy will give direction in terms of protecting IPR of India on which several issues are there. With the US, we have certain issues. India has become a brand in terms of pharma... We are very strong in IPR and we certainly want to protect our interest," Sitharaman added. "Developed nations are picking holes in India's IPR laws because it does not have any policy."
When asked about the timeline for the new policy, Sitharaman said that it may take about six months. Sitharaman also reiterated that the government is categorically against foreign direct investment (FDI) in multi-brand retail and that there is no need to scrap the existing policy of 51-per cent.
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