Saurabh Chandra, Secretary, Department of Industrial Policy and Promotion (DIPP), said that the DIPP has set up the council on intellectual property rights with the objective of preparing a national strategy that incentivises innovation and allows diffusion of new technologies leading to efficiency gains for the economy.
"Unless there is an effective rights system, there would always be a danger of usurpation of the rights, which could hinder the transformation of new ideas and creativity into industrial applications," Chandra said while inaugurating a conference on intellectual property policy.
The conference was organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) in association with DIPP and Intellectual Property India on the occasion of World Intellectual Property Day.
Chandra said that intellectual property rights were becoming extremely important in the changing global economic scenario.
"Companies that wish to sustain themselves in such markets would need to continuously innovate in production processes and in products and services such that quality products are provided at prices lower than ever before," he said.