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.
An act of deliberate acquisition of confidential information from domestic companies and government entities to benefit a foreign State
is defined as economic espionage, highlighting the key distinction between economic and industrial espionage lies in the perpetrator.
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.