Pune: The Central government will soon introduce legislation to create rights and obligations regarding intellectual property, Union Minister for Science and Technology Kapil Sibal said on Saturday.
The legislation will cater to a technology and knowledge-driven economy that is growing on inter-dependence between sectors, Sibal told the valedictory function of the two-day Hi-Tech Pune conference here.
According to the new legislation, the recipients of funds, namely universities or enterprises that create an intellectual property and license it, will be allowed to keep 30 per cent of returns.
Another 30 per cent will go to institutions and the remaining will be invested as needed, Sibal said.
However, it would be the responsibility of the creator of intellectual property to get it patented after duly notifying the sponsor who provides funds for research, he said.
"Of the per million people in India only 156 are into R&D compared to 6,000 per million in Scandivanian countries. Volume-wise, we have good numbers but that is not enough. Moreover, we need to have high quality people and not mere graduates," Sibal said.
Sibal said five more IISc-like institutions are being planned and three had been confirmed to be set up in Kolkata, Pune and Mohali.
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