India to get new Intellectual Property (IP) Exchange platform

New Delhi, July 4: A new organization will soon be set up in India. Central government will soon establish an Intellectual Property (IP) Exchange in the country. Curently countries such as Hong Kong and the United Kingdom have such bodies.

IP Exchange is a platform where people of different countries can sell and buy intellectual property rights of individuals and commercial units of India and foreign countries.

Sources say that the Ministry of Science and Technology along with the cooperation of National Research Development Corporation (NRDC) will develop an exchange platform. Officials say that the idea was approved by the ministry 2 months ago.

Intellectual property is a right an individual or company holds for their inventiveness of new ideas and innovative products that can be bought and sold. Officials say that the new platform would come up within 1 year and this step would help many Indians who can avail the benefits of IPR.