By 2017 it will take only one month to register a trade mark

The Union Cabinet on Friday approved the national intellectual property rights (IPR) policy.

Last Updated: May 13, 2016, 15:11 PM IST

Zee Media Bureau

New Delhi: The Union Cabinet on Friday approved the national intellectual property rights (IPR) policy.

Finance Minister Arun Jaitley said that by 2017, it will take only one month to register a trade mark.

According to Jaitley, there are seven objectives that guided the policy mechanism, which include IPR public awareness, stimulation of generation of IPRs, need for strong and effective laws and strengthening enforcement and adjudicatory mechanisms to combat infringements.

"Objective of policy is to create awareness about economic,social &cultural benefits of IPRs among all sections of society", Jaitley said.

The policy also puts a premium on enhancing access to healthcare, food security and environmental protection.

It is expected to lay the future road map for intellectual property in India, besides putting in place an institutional mechanism for implementation, monitoring and review.

The idea is to incorporate global best practices in the Indian context and adapt to the same.

With Agency Inputs