Trademark registration and patents registration in India generally takes around 3 to 5 years and in some cases even more time. As on March 10, 2016, nearly 2.37 lakhs patent application and 5.44 lakh trademark application were pending for registration with the Intellectual Property offices all because of shortage of manpower and for all reasons too. To significantly improve the robustness of India’s Intellectual Property Rights systems recently Government of India through the Department of Industrial Policy & Promotion, Ministry of Commerce & Industry released new National Intellectual Property Rights Policy.
The Intellectual Rights related laws of India have been framed in line with the WTO recommendations and are in conformity with the Trade Related Aspects of Intellectual Property Rights (‘TRIPS’) Agreement to which India is a signatory. And the recently introduced Intellectual Property Policy clearly recognizes that our country has a well – established legal framework under the guidelines of TRIPS to safeguard Intellectual Property Rights in accordance with the international standards.
In today’s knowledge economy, where often the most substantial value of a business is based on its intangible assets and goodwill, intellectual property rights plays key role in obtaining a competitive advantage, therefore, time has come where, there is a need to increase awareness on Intellectual Property Rights and about the economic, social and cultural benefits of Intellectual Property rights among all sections of society in India. The new Intellectual Property Policy will be useful in safeguarding the interest of trademarks, copyrights, patents, and industrial design owners with the wider public interest, while combating infringements of intellectual property rights. Under the regime of new Intellectual Property Policy, Intellectual Property offices will be modernized and it will be government endeavor to significantly reduce the time taken for examinations and registration of trademarks and patents in India.
With the introduction of new Intellectual Property Policy, trademark registration in India will be completed within one month time only by 2017.
TratoIndia.com; India’s leading online legal & professional service provider was founded in the year 2015 by CS Prashant Kumar. TratoIndia.com was created to empower first generation entrepreneurs and startups, with the best value Online Company & Trademark registrations and other legal & professional services with cutting edge technology and round the clock customer support.