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Intellectual Property Exchange in India soon

Just like other countries, India will also soon have an Intellectual Property Exchange where the individuals as well as any commercial entities established both in India and overseas will be able to buy and sell intellectual property rights across various sectors.

The Ministry of science and technology will develop the exchange with the help of National Research Development Corporation (NRDC). The science and technology ministry has already approved this project.

Intellectual property is the product of human intellect, creativity and innovativeness and comprises inventions, designs, brand, artistic works and geographical indication as well.

The NRDC chairman and managing director H. Purushotham mentioned that it would take around 8-9 months for collecting data and setting up the exchange and already the collection of necessary data and information has been started on patents filed worldwide on multiple technologies, predominantly on agriculture and allied sectors.

In India, IP rights are given by Controller General of Patents, Designs and Trademarks (CGPDTM). According to its annual report of 2015-16, India witnessed about 30% increase in filing of intellectual property applications compared to previous years.

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