The Union Cabinet has approved National Intellectual Property Rights Policy (IPR). <br/><br/>Briefing media in New Delhi this afternoon, Finance Minister Arun Jaitley said the IPR policy will foster creativity and innovation, promote entrepreneurship and enhance socio-economic and cultural development. He said, its objective is to create awareness about economic, social and cultural benefits of IPRs among all sections of society.<br/><br/>The Minister said, the IPR policy will also focus on enhancing access to healthcare, food security and environmental protection. The Minister said Department of Industrial Policy and Promotion will be the nodal department to coordinate, guide and oversee implementation and future development of IPRs in India.<br/><br/>The policy is aimed at creating and exploiting synergies between all forms of intellectual property (IP), concerned statutes and agencies. <br/><br/>The Finance Minister said, IPR will lay future roadmap for intellectual property and it recognises abundance of creative and innovative energies that flow in India. <br/><br/>Each person must sell his or her product under his/her own name and identity under IPR. The Minister said, there is need for capacity building to implement IPR policy effectively. National IPR policy endeavors for a Creative India and Innovative India.