Today, intellectual property rights (IPR) are the main point in global commercial practices and livelihood worldwide. These rights foster a creative environment by providing acknowledgement and economic advantages to the creator or innovator. Still, a lack of IPR understanding and inadequate execution may hamper the nation’s economic, technological, and sociological progress. As a result, any country must prioritize the spread of IPR information and its effective execution. Indian Constitution recognizes intellectual property as property vaguely and unequivocally. The Indian Constitution does not explicitly proclaim intellectual property to be property, but it also does not explicitly deny it. In this article, we look at the dynamic aspects surrounding Intellectual property rights and look at the Indian Legislative aspect on Intellectual property rights and the way forward.
Keywords: Intellectual Property, Economic, Innovation
Intellectual property (IP) or Intellectual property rights (IPR) refers to a brand, invention, design, or another kind of creation, which a person or business has legal rights over. Almost all companies own some form of IP, which could be a business asset. By attempting to obtain property rights over your intellectual property — a property that is a mental creation, such as an invention, symbol, or even a name. You establish legal ownership and prevent unauthorized use of your property. Furthermore, securing intellectual property rights can serve to fuel the economy and spur additional innovation. Common types of IP include:
- Copyright – this protects written or published works such as books, songs, films, web content, and artistic works;
- Patents – this protects commercial inventions, for example, a new business pr
- product or process;
- Designs – this protects structures, such as drawings or computer models;
- Trademarks – this protects signs, symbols, logos, words, or sounds that distinguish your products and services from your competitors.
IP can be either registered or unregistered. With unregistered IP, you automatically have legal rights over your creation. Unregistered forms of IP include copyright, unregistered design rights, common law trademarks and database rights, confidential information, and trade secrets. With registered IP, you will have to apply to an authority, such as the Intellectual Property Office in the UK, to have your rights recognized. If you do not do this, others are free to exploit your creations. Registered forms of IP include patents, registered trademarks, and registered design rights. Copyright is also registerable.
NEED FOR PROTECTION OF IPR
There are several reasons for advancing and ensuring protected innovation. Among them are: The ability to create and design new works in innovation and culture continues to be a source of progress and value to humanity. Instead of remaining silent, intellectual property insurance encourages the creation’s production, dissemination, and dissemination to the broader public. The advancement and security of permitted innovation promote monetary improvement, creates new opportunities and businesses, and increases personal satisfaction. Licensed innovation aids in balancing the advantages of the pioneer and open fascination, creating a situation in which improvement, creativity, and development can flourish and benefit everybody.
ECONOMIC BENEFITS OF IPR
The matter as to how Intellectual Property Rights impact economic development and growth procedures is mind-boggling and depending on several aspects. In theory, more solid frameworks for licensed innovation insurance could either improve or restrain economic development. Finally, evidence is mounting that more grounded and progressively specific licensed innovation law could well increase economic growth and grow favourable change, thereby improving formative opportunities if arranged in a way that advances compelling and dynamic problems.
As the global assurance system strengthens as a result of Trade-Related Aspects of Intellectual Property Rights, different questions about the impact on financial growth opportunities arise. It is impossible to claim unequivocally that the new method will boost economic development and improve the advancement process for various reasons. There are two fundamental reasons for this. To begin with, a variety of elements impact the formation of behaviours that can command the effect of TRIPS. Second, the monetary hypothesis suggests that licensed invention rights may have various effects on development, some of which are favourable and detrimental. Evolution has become the spine for any organization to carve out a niche, especially in today’s dire situation. Development paves the route for the creation of licensed innovation. Employing this protected invention gives your organization a significant competitive advantage while also contributing significantly to its success. Protected innovation is a valuable asset for any organization, particularly those investing large sums of money in inventive work to create one-of-a-kind things and administrations.
Therefore, organizations must proactively implement licensed innovation arrangements to reap the financial benefits of IPR. This enables them to discern new, one-of-a-kind manifestations while also increasing their income. It is also critical to define the licensed innovation objectives clearly, as this can help firms achieve their commercial goals. As business operations evolve, IP engineers can devise strategies to protect the unique aspects of their manifestations. Advancement can also be fostered by exploring more recent geologies. To accomplish this, organizations can enter into authorizing deals or potential joint ventures to create novel arrangements that can meet the needs of their target consumers.
IPR IN INDIA
Intellectual Property and India have a long history that dates back to the Indus Valley Civilization. Evidence revealed that in the Ancient Era, particularly during the Indus Valley Civilization era, activities such as town planning, entertainment industries, musical industries, and others were prevalent. Trademarks were also used to separate the manufacturers’ products from one another. In the current market, intellectual property, such as trademarks, is mainly employed by market rivals to differentiate one product. In the current market, intellectual property, such as trademarks, is primarily used by market rivals to determine one product. So it is acceptable to claim that the concept of protecting one’s product or service from competition has been in India since ancient times. The British Empire first brought intellectual property law into the mainstream in India by implementing the British Patent Act, 1852, when an applicant named George A. DePennings made the first application for a patent in India in the year 1856, which subsequently gave effect in the making of Act VI of 1856. The recognition of Intellectual Property as a property by the Indian Constitution is vague and unambiguous
The Constitution of India does not openly declare Intellectual Property as Property. Still, at the same time, it also does not reject the same. In its preamble, the Indian Constitution allows for a mixed economy system. Economic liberty is seen as one of the most significant liberties. This has been made possible through the property system. As a type of property, intellectual property can be classified as property under Article 300A and be granted a legal right. Persons may not be stripped of their property unless by lawful authority. The Indian Constitution, particularly Article 300A, offers constitutional guarantees against wrongful deprivation of property. Article 253 is crucial in Intellectual Property Rights because it requires acknowledging the international aspect of laws, legislation, and agreements and authorizing the Indian parliament to implement international treaties through the legislative process.
There are well-established statutory, administrative, and judicial frameworks for safeguarding IPRs in India. Therefore, it becomes pertinent here that India has complied with its obligations under the Agreement on Trade-Related Intellectual Property Rights (“TRIPS”) by enacting the necessary statutes and amending the existing laws. In addition, India is also a member of the World Intellectual Property Organization, a body responsible for promoting intellectual property rights throughout the world.
Since 1995, India has been a member of the World Trade Organization (WTO). WTO members must include some form of intellectual property protection in their national legislation. This implies that if you conduct business with India, you will notice certain similarities between local intellectual property legislation and enforcement procedures and those in the UK.
India is also a signatory to the following international intellectual property treaties:
- The Paris Convention – According to this, any individual from a signatory state can file for a patent or trade mark in any other signatory state and be granted the same enforcement rights and status as a national of that country.
- The Berne Convention – According to this, each member state recognizes the copyright of authors from other member countries in the same way as it recognizes the copyright of its nationals.
- The Madrid Protocol – A person can file a single trademark application with their national office to grant protection in numerous countries.
- The Patent Cooperation Treaty – This is a centralized approach for getting a ‘bundle’ of national patent applications in many countries via a single application.
India also has many subordinate governing legislations for IPR. Intellectual property rights in India are administered by Department of Industrial Policy & Promotion, under Ministry of Commerce and Industry. In addition, intellectual properties rights in India is governed under the following Acts:
- Trade Marks Act, 1999
- The Patents Act, 1970 (amended in 2005)
- The Copyright Act, 1957
- The Designs Act, 2000
- The Geographical Indication of Goods (Registration and Protection) Act, 1999
- The Protection of Plant Varieties and Farmers Rights Act, 2001
- The Information Technology Act, 2000
In May 2016, the National Intellectual Property Rights (IPR) Policy 2016 was adopted as a vision statement to guide the country’s future growth of IPRs. Its rallying cry is “Creative India; Innovative India.” It incorporates and brings all IPRs on a single platform, taking into account all inter-linkages, creating and exploiting synergies across all kinds of intellectual property (IP), relevant statutes, and agencies and establishing an institutional system for implementation monitoring and evaluation. In addition, it intends to assimilate and adapt global best practices to the Indian context. India has implemented several improvements to its intellectual property regime to boost efficiency and reduce the time required to grant patents. In the country, the culture of the invention is taking centre stage. As a result, India is ideally positioned to prioritize R&D. This has been reflected in its rising rating in the Global Innovation Index over time. The government’s efforts to develop its national intellectual property policy, IP appellate tribunal, e-governance, and pledge to abide by the WTO’s TRIPS agreement in form and spirit will enhance India’s global perception. An efficient and equitable intellectual property system can assist India and all countries in realizing the potential of intellectual property as a catalyst for economic progress and social and cultural well-being.