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Indian Cabinet Approves New Intellectual Property Bill

by Mary Swire, for LawAndTax-News.com, Hong Kong

03 November 2008


An intellectual property bill covering the treatment of discoveries and inventions resulting from publicly funded research and development has been given approval by the Indian cabinet.

The new Protection and Utilization of Public Funded Intellectual Property Bill 2008 will change the way in which IP ownership rights are apportioned, and how the resulting IP revenues are allocated. Previously the government kept full IP rights. Under the new legislation, modelled on US laws, only one-third ownership would be kept by the government, or other funding agency, one third by the scientist, and the final third by their department or laboratory.

The new legislation is expected to reinvigorate the sector by rewarding talent. The bill has been introduced to the Indian Cabinet by the Prime Minister, Manmohan Singh, and now that it has been approved will go before parliament.


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