Govt Will Soon Allow Indian & Foreign Startups To Jointly Create Intellectual Properties: Big Boost For AI, ML, IoT

The government of India is now working on creating joint IPs between foreign companies and Indian start-ups, as confirmed by the Minister of State for Electronics and Information Technology (IT) Rajeev Chandrasekhar.

Government Of India To Create Joint IPs Between Foreign Companies And Indian Startups

He was speaking during the Global Fintech Fest (GFF) 2022 which was hosted in Mumbai recently.

Not only this, but the ministry is also working on developing a space for AI and deep-tech start-ups.

The ministry aims to provide them with policies, capital support, market access, and preferential access to government contracts. These contracts would help them grow financially and in the sense of business as well.

As per Chandrasekhar, “Everything the government is doing today will create a space for start-ups to be involved and inclusive… This is a model that will not be exclusionary to anyone.”

According to Chandrasekar, the government is in the process of developing one of the largest data set programmes, which will provide access to anonymized and non-personal data on the platform for the entire AI ecosystem.

Policies And Schemes Will Be Tailored To Indian Startups And Companies

He also stated that there are many opportunities based on domestic capabilities and capacities that will be limited to Indian innovations. 

As per Chandrasekar, “we are in the midst of creating one of the largest data set programmes—anonymised and non-personal data that will be available on the platform for the entire AI ecosystem. We will clearly only allow access to that data set to Indian start-ups and companies.”

He also said that parts of the policy and schemes will be tailored to Indian start-ups and companies, but many will be open to foreign companies looking to create opportunities in India.

He also talked about the data protection bill and said that it was withdrawn because it was too complicated. Consumer rights, according to Prime Minister Narendra Modi’s vision, must be protected while also making things easier for start-ups and innovators. 

The government is also planning to introduce a Digital Personal Data Protection Bill that is up to date, modern, and global in nature along with a Digital India Act to replace the 22-year-old IT Act.