inventions and creative expressions on which there is a public willingness to bestow the status of property (David 1993). IPRs provide certain exclusive rights to the creators of IP, in order to enable them to reap commercial benefits from their creative efforts or reputation. The purpose of IPR legislation is to protect against unauthorized imitation, copying or deceptive usage of identifying marks.
Intellectual property means the property represented by the product emanating from creativity of the human mind, human intellect and creative ideas. It can be an invention, original design practical application of a new idea, artistic creation etc.
The intellectual property is an asset and such it can be bought, sold, managed, licensed, exchanged or gratuitously given away like any other form of the property. Further by acquiring a legal right over the property, the creator of the IP seeks to ensure that he has exclusive right over it and the property can be put to use by others only with his consent. Besides ownership of intellectual property right is the legal recognition and reward you receive for your creative efforts, source of national wealth and mark of an economic leadership in the context of global market scenario.
developed countries, particularly the US. Under the terms of the WTO, India is required to implement WTO-standard IPR protection laws by 2005. It must be acknowledged that there has been remarkable progress in IPR protection the field of software and cinema products.
Indian officials have pledged to introduce another bill in parliament which, if passed, will put India in compliance with its TRIPS obligations. The bottom-line is that India considers itself a responsible member of the WTO which suggests that international class IPR protection should be in place by 2005. Besides, given India's determination to emerge as a power in the global software industry, it is most likely that all IPR protection laws will be instituted and enforced by 2005. Note that Bill Gates, the chief executive officer of Microsoft Corporation, has distinguished India as a most promising base for software development. If such an IPR-conscious business leader like Gates is of this opinion, one can only conclude that India's IPR scene is no deterrent to foreign companies.
Intellectual property surrounds us in nearly everything we do. At home, at school, at work. At rest and at play. No matter what we do, we are surrounded by the fruits of human creativity and invention.
1. The patents act, 1970 as amended by the Patents act2005[Effective from 1-1-2005] along with the Patents Rules as amended by patents(amendment) rules 2006
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