IPR-Intellectual property Rights refers to creations of the mind: inventions; literary and artistic works; and symbols, names and images used in commerce. Intellectual property rights are like any other property right. They allow creators, or owners, of patents, trademarks or copyrighted works to benefit from their own work or investment in a creation.
There are compelling reason of promotion and protection of IPR like (a) the progress of humanity depend on creation and invention of new works in the areas of technology and culture (b) the legal protection of new creations encourages the commitment of additional resources for further innovation (c) the promotion and protection of intellectual property initiate economic growth, creates new jobs and industries, and enhances the quality and enjoyment of life.
IPR has increasingly assumed a vital role with the rapid pace of technological, scientific and medical innovation that we are witnessing today. The Development of WTO was reason for harmonization of various aspects of Indian Law relating to IPR. The TRIPS Agreement set minimum standards for protection for IPR rights and also set a time frame within which countries were required to make changes in their laws to comply with the required degree of protection. In view of this, India has taken action to modify and amend the various IP Acts in the last few years. In India several new legislation for the protection of IPR have been passed to meet the international obligations under the WTO Agreement on Trade Related Aspects of Intellectual Property Rights(TRIPS). There are several type of rights and protection provided under IPR in India through various legislation viz. Trade Marks Act 1999; Patent Act 1970; Copyright Act 1957; Designs Act 2000; Geographical Indications of Goods (Registration and Protection) Act 1999; Protection of Plant Varieties and Farmers’ Rights Act 2001, Semiconductor Integrated Circuits Layout-Design Act 2000, Biological Diversity Act 2002.