What is intellectual property? 6 strengths of IPR you should know about

The Indian economy is growing, and rapid globalisation is taking place. Here, intellectual capital plays an important role, especially in international trade between countries. Today, intellectual property rights have become an irreplaceable facet of businesses. This could be concerning new statues or judicial pronouncements. The objective of IPR, adopted on May 12, 2016, aims to make Indians realise their intellectual property as well as respect other intellectual properties.

So, what is intellectual property? Its vision is to boost creativity and innovation for the benefit of all. The policy also aims to promote advancement in technology and science, culture and arts, traditional knowledge, and varied resources. Intellectual properties emphasise on learning as the main factor of development. The slogan that IPR moves by in India is, ‘creative India, innovative India.’

Strengths:

The other aspects which are the crux of what is intellectual property rights are their pillars or also called the power of Indian IPR –

  • The framework of Indian IPR is stable and established concerning the administration, legal, and judicial perspective. It is in correlation with the trade aspects of IPR.
  • India is committed to many international treaties and conventions regarding IPR.
  • The Indian Government have several awareness programs illustrating different kinds of intellectual properties and protection. The target audience is primarily schools, colleges, and universities.
  • In the recent past, the IP industry has undergone many changes concerning IP legislation, infrastructure, human resources, IP application, IP offices computerisation, high service quality towards stakeholders, transparent functioning, and free access to IP data.
  • Many states of the art, integrated, and IT offices have been built across urban cities like Delhi, Kolkata, Chennai, Mumbai, and Ahmedabad. Even housing offices like patents, designs, trademarks, and geographical indications have reached pan India.
  • You cannot understand what is intellectual property without understanding the IP application filing and processing work. The process has got further simplified as there are incentives and e-filing provisions for small and medium enterprises (SMEs) and start-ups. They all promotion IPR in India.

Objectives:

IPR is a comprehensive policy. The goals they cover are –

  • It creates awareness about economic, social, and cultural IPR benefits amount different sectors of the society.
  • It stimulates the generation of IPR.
  • It brings about reliability and effective laws which balance out the owners’ interest rights with larger public interest.
  • Modernises and strengthens service-related administration.
  • You receive decent value for IPR through commercialisation.
  • For boosting enforcement and adjudicatory mechanisms, enforce IPR infringements.
  • Strengthen and expand human resources, teaching capacities in universities, train, research, and build IPR skills.

Types of IPR:

You have some types under IPR which are a crucial aspect of what is intellectual property –

  • Patent: Make an application for a patent if there is a new product or you are taking an inventive step. These should be capable of application. New products or inventions are one which has not reached the public eye.
  • Design: They are shapes, configurations, patterns, ornamentation, colour compositions, or a combination of these.
  • Trademark: These could be graphical representations which differentiate products and services from the competitors. Trademarks are also signs, words, letters, drawings, pictures, emblem, colour, the shape of the goods, packaging, sound, etc. They are the first thing that customers notice while purchasing any item.

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