Business News | A robust intellectual property system is needed to drive growth in the agricultural sector

New Delhi [India]Aug 24 (ANI): A robust IP system that ensures faster processing time is the need of the hour for India’s agriculture sector as it would help spur growth, Chamber of Commerce and Industry says PHD.

Pradeep Multani, President, PHDCCI, appreciated the launch of all the dynamic initiatives and programs in the field of agriculture for the benefit of farmers and the joint partnership with industry for inclusive development and mentioned that these initiatives will ultimately contribute to realizing Prime Minister Narendra Modi’s vision to make India a $5 trillion economy.

Read also | Redmi Note 11SE India Launch Set for August 26, 2022; Flipkart availability confirmed.

India is rapidly transforming into a knowledge-based economy and knowledge is a precious asset for any nation. Many companies have now started investing significantly in research and development and are aware of the need to protect their intellectual property, Multani said.

NK Aggarwal, Chairman, Agri – Business, Committee, PHDCCI, mentioned that while a lot has been done by the Indian Patent Office to reduce the wait for applications, there is still a need to further reduce the wait to secure a grant. fast patents.

Read also | Chelsea Transfer News: Leicester City reject the Blues’ new offer for Wesley Fofana.

Thus, at different stages of the review process, reviewers and reviewers must adhere to fixed deadlines to enable prompt processing of applications, Aggarwal added.

The processing time for the grant of a patent in India is often lengthy due to multiple pre-grant oppositions filed by “any person” and at any time u/s 25(1) before the grant of the patent. There is widespread misuse of the leeway provided by the pre-grant opposition provision, for example, the filing of straw man oppositions for the sole purpose of delaying the grant of a patent and many applications remain undecided for years due to lengthy procedures involved leading to an increase in the cost of patent prosecutions so high that the applicant even begins to consider abandoning the patent application, Aggarwal said.

There is an urgent need to amend Article 25(1) of the law in order to fix the period within which the grant of a patent can be opposed and probably also to reconsider the eligibility of the persons who can lodge such oppositions. A provision to charge an official fee for filing a pre-grant opposition should be seriously considered to combat abuse, he said.

The need of the hour is to bring India’s patent law to catch up with the demands of ever-changing industry and technological development that has occurred over the years since its inception, Aggarwal said.

A good step in this direction would be to remove outdated and irrelevant provisions of patent law which have discouraged patent filing in India. This will certainly bring respite to applicants from unnecessary costs and boosts patent filings in India, he added. (ANI)

(This is an unedited and auto-generated story from syndicated newsfeed, LatestLY staff may not have edited or edited the body of the content)