Spicy IP, run by Shamnad Basheer, research associate at the Oxford Intellectual Property Research Centre, has posted what it claims is the text of the Public Funded Research and Development (Protection, Utilisation and Regulation of Intellectual Property) Bill, 2007. No one here calls it by this long-winded name; in any discussion it is just referred to as India's Bayh-Dole Act (BDA) because it is based on the American law of that name. Introduced in the US in 1980, that bit of legislation gave universities the IPR over results of federally-funded research.
Academia was encouraged to commercialise its innovations through licensing, etc. The Economist gushed that it was "possibly the most inspired piece of legislation to be enacted in America over the past half-century," inspiring several other countries to follow suit. China passed its own BDA towards the end of 2007, while India is among a group of developing countries that is hoping to make such a law the Open Sesame to an explosion of innovation.
The Bill put out by the blog confirms much of what has been disclosed in bits and driblets. But it is typical of the government that it has chosen to keep the details of the proposed law under wraps, leaving far too much to conjecture