Intellect, as a word, meaning perception. It is the faculty of knowing and reasoning the barometer of one’s understanding of persons or things, of events and concept, individually and collectively. According to Salmond, the immaterial product of a man’s brain may be as valuable as his lands or his goods. The law, therefore, gives hi proprietary rights in it.
Intellectual Property (IP) provides exclusive rights to the inventors or the manufacturers of the respective intellectual property which in turn enables them to reap out the commercial benefit from the innovative idea or design. Considering that invention in the 21st century had a tremendous impact on a country’s outlook and development, the Government of India with an aim to create and exploit synergies between all form of intellectual property, concerned statutes and agencies had approved the National Intellectual Property Rights Policy in May 2016, to outline the future road map for IPR in India. It endeavours for a “Creative India; Innovative India”. The policy is entirely n compliance with the WTO’s agreement on TRIPS, which aims to push IPR’s as a marketable financial asset, foster innovation and promote entrepreneurship while protecting public interest and boost the flagship scheme ‘Make in India’.
The new IPR policy recognize the need to review of existing IP laws, to remove the anomalies in the existing legislative framework, awareness generation and to make balance between the private rights and public interest so that a stable, transparent and service oriented IPR administration in the country can be established.