• The Union Budget 2020 also called for making knowledge translation clusters
  • A centre to work on the complexity and innovation of IP will be set up
  • In 2019, the Global Innovation Index ranked India at 52nd position

While India’s tech industry and the startup ecosystem have grown leaps and bounds over the last decade, the same cannot be said about the patents and intellectual property ecosystem. In a bid to boost innovation in the country, there’s an urgent need to bring in reforms in patents and intellectual property rights so that new innovation is inoculated against intellectual property theft. And to build towards that vision, the union finance minister Nirmala Sitharaman in the budget 2020 pitched for improved intellectual property rights through dedicated policy in this regard.

Sitharaman said that the country needs to expand the base for knowledge-driven enterprises, and the only way to achieve this is by streamlining the intellectual property creation and protection process. This will play a crucial role in new firm creation as well.

FM Sitharaman pitched a digital platform to facilitate seamless application and capture of intellectual property rights. She said that a centre would be established within an institute of excellence to solve the complexities and contribute to innovation in the field of intellectual property.

The Union Budget 2020 also called for knowledge translation clusters, which would facilitate transfer and customisation of available resources and intellectual property rights. These would be set up across different technology sectors including new and emerging areas.

“For designing, fabrication and validation of proof of concept, and further scaling up technology clusters, harbouring such testbeds and small scale manufacturing facilities would be established,” Sitharaman said.

Content Source: www.inc42.com