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 both business interests and national economic security.
economic espionage refers to an "act of deliberate acquisition of confidential information from domestic companies and government entities to benefit a foreign State"
The Law Commission's report calls for a separate, stricter legal framework to address economic espionage, distinct from industrial espionage, with the key distinction lying in the perpetrator.
Author's summary: India needs legislation to protect economic security.
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