Following complaints raised by US companies on India's intellectual property rights (IPR) regime, the Modi Government has decided to come out with a policy framework on by early 2015. It has also at decided to disallow foreign direct investment (FDI) in multi-brand retail, Commerce and Industry Minister Nirmala Sitharaman said here on Monday.
“We are clear that FDI will not be allowed in multi-brand retail trade in line with the position the BJP had articulated in its manifesto on the basis of which we won the elections,” Ms. Sitharaman said. She was addressing a press conference on the steps taken by the Modi government in its first 100 days.
The Minister, however, added that at the moment there was no move to reverse the notification by the UPA government to open up the multi-brand retail sector, allowing up to 51 per cent FDI.
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On its IPR policy plans, the minister said, “India does not have an IPR policy. This is the first time Government will come out with an IPR policy… Developed nations are picking holes in India’s IPR regime because we do not have any policy.”
“India has a well established legal framework for IPR but it is important to spell out policy,” Industry Secretary Amitabh Kant said, adding that in August the Union Cabinet had approved of 1,033 additional staff for India’s Patent Office to clear pending applications.