Why India Needs an Economic Espionage Act
According to the Law Commission of India's 2024 report, "Trade Secrets and Economic Espionage", India requires a new legislation in the form of an Economic Espionage Act.
The report emphasizes that the theft of sensitive trade secrets poses significant risks to a nation's economic security, threatening not only business interests but also the country as a whole.
An act of deliberate acquisition of confidential information from domestic companies and government entities to benefit a foreign State
is defined as economic espionage, with the key distinction lying in the perpetrator, unlike industrial espionage.
The Law Commission's 200-page report calls for a Trade Secrets Bill and a separate, stricter legal framework to address economic espionage.
Author's summary: India needs an Economic Espionage Act to protect its economic security.
- Economic espionage threatens business interests and national economic security.
- A new legislation is required to address this issue.
- The Law Commission's report proposes a Trade Secrets Bill and a stricter legal framework.