Why India Needs an Economic Espionage Act
India requires a new legislation in the form of an Economic Espionage Act, as recommended by the Law Commission's 2024 report.
The report, titled "Trade Secrets and Economic Espionage," suggests a Trade Secrets Bill and a stricter legal framework to address economic espionage, emphasizing that theft of sensitive trade secrets threatens business interests and a nation's economic security.
An act of deliberate acquisition of confidential information from domestic companies and government entities to benefit a foreign State.
The Law Commission's 200-page report highlights the key distinction between economic and industrial espionage, lying in the perpetrator.
Author's summary: India needs Economic Espionage Act.