The Ministry of Science & Technology plans to enact the National Innovation Act, 2008, the draft of which is now available at http://dst.gov.in/draftInnovationlaw.pdf for public review.
The draft act defines innovation as “a process for incremental or significant technical advance or change, which provides enhancement of measurable economic value, and shall include (a) introducing new or improved goods or services; (b) implementing new or improved operational processes; and (c) implementing new or improved organizational/managerial processes.”
Further, the act states that measurable value enhancement or economic significance may include one or more of the following: (i) increase in market share; (ii) competitive advantage; (iii) improvement in the quality of products or services; or (iv) reduction of costs.
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The legislative and regulatory update is compiled by Nishith Desai Associates, a Mumbai-based law firm. The authors can be contacted at nishith@nishithdesai.com. Readers should not act on the basis of this information without seeking professional legal advice.
