Study of Intellectual Property Laws and Recent developments in intellectual property laws in India

Abstract

Intellectual Property can be regarded as a single generic term that protects applications of novel ideas and information that are of commercial value. The Government of India in pursuit of increasing the economic efficiency of the country acknowledged the Liberalization Privatization Globalization (LPG) era by liberalizing the economy and reducing governmental control. Currently the flourishing Indian economy is witnessing aggressive competition in every field. Healthy and fair competition has proven to be an effective mechanism which enhances economic efficiency. IP Laws are monopolistic legal rights granted to the creators and owners of work which are a result of human intellectual creativity. These can be in varied fields such as industrial, scientific, literary and art. Intellectual Property Rights (IPR) gives the owners the right to exclude others from using their invented subjected-matter for a limited period of time. Further, IPR laws pertaining to copyrights, patents, trademarks, industrial designs and trade secrets prevent commercial exploitation of the innovation by others. IP rights grant the owner an advantage over the rest of the industry or sector.