National IPR policy to give fillip to economic growth: Paswan

India's role as a global economic powerhouse & status of an investment destination are increasingly linked to its ability to ensure IPRs

The government is drawing up the contours of a national Intellectual Property Rights (IPR) policy and its implementation will provide an impetus to growth, Union Minister Ram Vilas Paswan said today.

The Department of Industrial Policy and Promotion (DIPP), under the aegis of the Ministry of Commerce and Industry, had in 2014 prepared and circulated the draft IPR policy and sought public comments. The final policy is being worked out.

"The national IPR policy is in the offing and we hope that with the release of this policy, India will get the much-needed push in its economic growth and socio-economic developmental agenda," Paswan said at an event on 'Illicit Trade' organised by industry body Ficci here.

India's role as a global economic powerhouse and status of an investment destination are increasingly linked to its ability to ensure IPRs are protected with strong IPR rules and enforcement of laws and regulations, the minister said.

Paswan, who is in-charge of the Food and Consumer Affairs Ministry, also noted that on the one hand the value of 'Indian made' intellectual rights is on the rise while on the other rising counterfeit and fake products are posing as a key threat to the country's economic growth.

Acknowledging that counterfeit products have a direct impact on consumers, Paswan said the priority of the government is to protect consumers and several measures have been taken to ensure consumer safety and check unfair trade practices.

The minister, however, struck a note of caution, saying consumers have to be aware not just of commercial aspects of sale and purchase of goods, but of health and security considerations.

He also suggested that the companies should set aside part of their corporate social responsibility (CSR) funds for awareness among consumers on such issues.