New Delhi, Oct 31 (UNI) The Union Cabinet has given approval for the enactment of legislation relating to the protection and utilisation of intellectual property in public funded research and development.
''The legislation will provide a uniform legal framework for protection and utilisation of the intellectual property generated out of Government funded research and development,'' Finance Minister P Chidambaram said today, briefing reporters on last evening's Cabinet meting.
Besides, sharing of royalty or income between intellectual property creator and recipient will promote innovation culture in the private sector as well as in universities, and academic and research institutions that receive grants from the Government.
A Bill in this regard, called the Protection and Utilisation of Public Funded Intellectual Property Bill, 2008, would be introduced in the current session of Parliament.
UNI YJ SB HS1155