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Introduction-

In today’s world, intellectual property rights have created a huge impact on foreign trade and commerce in every country. Due to the emergence of computerization, there is a strong possibility that any third party will misuse innovative ideas without taking previous consent. So most of the nations which rely on foreign trade are making strict rules and laws to protect their intellectual property rights. Strong intellectual property laws make a significant contribution to the growth of the country’s economy.

Meaning of intellectual property rights-

Intellectual property rights can be defined as those rights which are given to the individuals for creative works like making any invention, artistic or literary work, and symbol, mark, or any identity that is used in trade and commerce. Generally, the creators are granted exclusive rights over the use of their creation for a specific period of time.

These rights are mentioned in Article 27 of the Universal Declaration of Human Rights, which allows for the benefits that arise from the defense of social and economic interests arising from the development of science, literary or artistic works.

Different types of Intellectual Property Rights

  1. Patent- A patent is used to prohibit the selling or usage of any particular invention by any third party for a specific period of time. So it can be said that the government grants the creator the right to the intellectual property after determining its viability.
  2. Copyright- Copyright registration is one of the commonly used intellectual property rights is given to the writers for their creative work which can be both published and unpublished work.
  3. Trademark- This covers the name or any kind of identification like a symbol, logo, or images that are used by a company to distinguish itself from the competitors.

Need for intellectual property rights

The prosperity and development of society depend on the ability to build and develop creative works in the field of science and art.

  • It encourages creative works because it provides an exclusive right to the creators over the use of their creative works and also gives legal protection from any kind of misuse.
  • Promoting and safeguarding intellectual property helps in the growth of the economy, produces new job opportunities and improves the quality of life.
  • It encourages innovative ideas which ensure ease of doing business.

Advantages of using intellectual property rights-

  • Boost funding for the business
  • Protect innovative ideas and creation
  • Helps in the growth of the country’s economy
  • Increases business opportunities

National IPR Policy of India-

The National intellectual property rights policy was introduced in the month of May 2016 as a strategic plan to facilitate the future advancement of IPR in India. Its main objective is to incorporate the best policies of the world to the Indian context. The IPR regime of India is made in accordance with the WTO’s agreement on trade and commerce related aspects of IPR.

Objectives-

  • It helps to create awareness among all the people of the society regarding the social, economic, and cultural benefits of IPR.
  • To have strict IPR laws that balance the interest of the creator and the common public.
  • For strengthening human resources to teach, train, and research in the field of IPR.

Achievements through New IPR policy-

  • The Global Innovation Index rank of India has improved from 81st rank in 2015 to 52nd rank in 2019.
  • Upgrading the institutional framework for the security and promotion of intellectual property.
  • Huge reduction in the number of pending IP applications due to the increase in manpower by the government.
  • Several awareness programs of IPR are being carried out in several educational institutions including rural schools too.
  • There is a huge increase in the number of patent and trademark filing every year.
  • Technological and Innovation Support Centres are established in coordination with WIPO in various institutions which is present in different states of our country.

Future Ahead: Steps that must be taken for development of IPR-

  • Promoting an environment for the development of innovative ideas among the students who are in schools.
  • An appropriate resolution process for solving all kinds of IPR related issues.
  • It is a must to ensure that people are well aware of the creation, development, and protection of IPR so that a third party can never misuse it.

Conclusion-

India has brought a number of changes in its IPR strategy to make further progress and has also reduced the time required for the issuance of a patent. Now creative works and innovative ideas are given huge importance by the government. India is now focusing on the Research and Development sector as it helps in economic growth too. So the GII rank of India gets improved from the last year.

The government has taken various steps to strengthen the IPR policy, IPR appellate tribunals, and commitment to follow TRIPS agreement will help in improving the position of India globally. A strong and efficient intellectual property system will help the countries to develop not only economically but also socially. A strong IPR will help to develop new industries and MNCs that will develop more advanced products that are extremely needed in developing countries like India.

REFERENCES

[1] https://yourstory.com/2016/05/new-ipr-policy-india?utm_pageloadtype=scroll

[2] https://www.drishtiias.com/to-the-points/paper3/intellectual-property-rights   

[3] https://isbinsight.isb.edu/are-strong-intellectual-property-rights-the-future-of-innovation-in-india/#:~:text=All%20else%20being%20equal%2C%20a,aimed%20at%20the%20Indian%20markets.

Written by Pritha Sarkar, a student of Indian Institute of Legal Studies

Edited by Tushar Nigam, RMLNLU

Post Author: lawgical forum

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