Cabinet discusses patent amendment, PFRDA / Dec 24, 2005 / Outlook India

From Indiapensions

Cabinet discusses patent amendment, PFRDA

The Cabinet today discussed the amendments to Patent Act and setting up of Pension Fund Regulatory and Development Authority, but deferred a decision.

"Cabinet discussed the Patent Amendment Bill. Various options have been discussed to meet our obligations under the TRIPS agreement but no decision was taken," Commerce and Industry Minister Kamal Nath told reporters after a Cabinet meeting here.

"We will now finalise the route and what should be done to meet our obligations," he said.

Asked if the government would take the ordinance route, he said, "Parliament has been adjourned sine die. A decision will be taken in due course and shortly."

Asked if India would meet the WTO obligation to amend Patent Act for introducing product patents from January 1 deadline, he said, "We considered all options, including meeting the commitment, not meeting the commitment and also how to meet the commitment."

Official sources said the Cabinet also discussed steps to establish Pension Fund Regulation and Development Authority, but did not take any decision.

The sources did not make it clear whether the government would take the ordinance route or wait till the budget session to bring in a legislation for establishment of PFRDA with a statutory status as in the case of IRDA.