The draft legislation on the National Innovation Act of 2008 has been released by the Dept. of Science and Technology. The Government in the pursuance has invited comments to the same. Department of Science and Technology, Government of India has taken a bold step by putting the draft of proposed National Innovation Act for wider public scrutiny.
“ Confidential Information ” means information, including a formula, pattern, compilation, program device, method, technique, or process, that:
(a) is secret in that it is not, as a body or in the precise configuration and assembly of its components, generally known among or readily accessible to persons within the circles that normally deal with the kind of information in question;
(b) has commercial value because it is secret; and
(c) has been subject to reasonable steps under the circumstances by the person lawfully in control of the information, to keep it secret.
“ Innovation ” m eans a pro cess 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;
Explanation: 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; (iv) reduction of costs.
Annual Integrated Science and Technology Plan, (Section 3)
in February of each year
Basic research/development of scientific manpower/ infrastructure/ restructuring and revamping universities, monitoring and implementing programs/ industry academia collaborations, establishing globally competitive research facilities, centre of excellence, Special Innovation zones in public, private sector, facilitating cooperation , establishing National Science and Technology commission,
Special measures for low cost technologies like waiver of development fee, waiver of stamp duties on acquiring movable and immovable properties for establishing R&D facilities, tax holiday, fiscal incentives, long term short tem waivers on capital gain.
“ Angel investors” a person, entity, provides risk capital to start up ventures.
Waiver of stamp duty on physical transfer of share, waiver on capital gain on transfer of investments in securities , investments in securities of unlisted companies established in special innovation zone, investments made in universities.
Appropriate Government shall, regulate zoning of Special Innovations Zone or as Innovation park, registration tax exemptions ,assistance in registration of IP, encourage innovation by providing fiscal incentives and waivers,