Draft IPR policy suggests tax incentives for patents

Government-appointed think-tank on IPR today came out with its first draft, which seeks to encourage innovation by providing tax incentives and modifying intellectual property rights (IPR).
The National IPR Policy has been formulated with the mission to foster innovation, accelerate economic growth, employment and entrepreneurship besides protecting public health, food security and environment, among other areas of socio-economic importance.
The draft has enlisted six objectives of the policy which includes patent awareness and promotion; creation of IP; legal and legislative framework and commercialisation of patents.
The draft has suggested "providing statutory incentives, like tax benefits linked to IP creation, for the entire value chain from IP creation to commercialisation".

"Introduce the 'first-time patent' fee waiver and support systems for MSMEs and reduce transaction costs in other ways," the draft said.
To create public awareness about the economic and social benefits of patents for accelerating development and job creation, it has suggested to launch a nation-wide programme.

"Adopt the national slogan 'Creative India; Innovative India' and launch an associated campaign on electronic, print and social media by linking IPRs with other national initiatives such as 'Make in India', 'Digital India', 'Skill India' and 'Smart Cities'," it said.
The draft report has been put on DIPP's website for public comments.
"Review and update IP related rules, procedures, practices and guidelines for clarity, simplification, streamlining, transparency and time bound processes in administration and enforcement of IP rights," the draft said.

It also suggested restructuring and upgrading patent offices besides augmenting manpower.
Establishing an IP Promotion & Development Council (IPPDC) as the nodal body for the promotion, creation and commercialisation of IP assets is another recommendation.
It has also suggested providing financial support to less-empowered groups of IP owners or creators like farmers, weavers, artisans and craftsmen through financial institutions like rural banks or cooperative banks offering IP friendly loans.
"Technology Acquisition and Development Fund under the Manufacturing Policy will be utilized for licensing or procuring patented technologies," it said adding manufacturing units will be encouraged to set up IP cells in their own units and make IP an integral part of their corporate strategies.