Why India Needs an Economic Espionage Act
India requires new legislation in the form of an Economic Espionage Act, as recommended by the Law Commission's 2024 report.
The Law Commission of India's report, "Trade Secrets and Economic Espionage," proposes a Trade Secrets Bill and a separate, stricter legal framework to address economic espionage.
Economic espionage refers to an "act of deliberate acquisition of confidential information from domestic companies and government entities to benefit a foreign State"
The report highlights that the theft of sensitive trade secrets threatens not only business interests but also poses significant risks to a nation's economic security.
Author's summary: India needs an Economic Espionage Act to protect its economy.
- The Law Commission's report emphasizes the importance of distinguishing between economic and industrial espionage.
- The key distinction lies in the perpetrator of the espionage.