With the rapid globalization and opening up of the Indian economy, “Intellectual Property” has become one of the key wealth drivers in the present international trade. Intellectual Property Rights have also acquired importance for the reason that India itself is a huge market because of its vast geography, population and constantly increasing purchasing power of its people.
India being a member of World Trade Organization (WTO) is also a signatory to TRIPS Agreement. It is pertinent to note that Indian Statutes pertaining to the Intellectual Property are now TRIPS compliant.
India has enacted laws covering various aspects of Intellectual Property as enumerated herein below:
Copyrights and related rights
Lay out Designs of Integrated Circuits
Data Protection, Technology Transfer and Trade Secrets
Broadly, the following Statutes deal with the above matters relating to Intellectual Property:
The Trade Marks Act, 1999
The Patents Act, 1970
The Copyright Act, 1957
The Designs Act, 2000
The Geographical Indications of Goods (Registration and Protection) Act, 1999
The Semiconductor Integrated Circuits Layout-Design Act, 2000
The Protection of Plant Varieties and Farmers’ Right Act, 2001
The Information Technology Act, 2000
The Indian Contract Act, 1872