Intellectual Property: An Important Key To The Economic Prosperity Of A Country
- IJLLR Journal
- May 3
- 1 min read
Dr. Kirti Bajaj, Dr. Panjabrao Deshmukh College of Law Amravati
ABSTRACT
Intellectual property relates to new ideas of invention, creation, innovation of any artistic, literary, scientific creation, concept etc. by human mind. Intellectual property rights (IPR) refer to rights vested by the State to the person who has invented or created something new. IPR is a strong tool, to protect different aspects such as investment, time, effort invested by the inventor or creator of an Intellectual Property, as it grants exclusive right for a particular period of time for exploitation his invention or creation for commercial purpose. Thus, IPR promotes inventions which leads to the economic development of a country by protecting healthy competition and encouraging industrial development and economic growth. But for the economic development purpose fundamental rights cannot be vitiated. The concept of public welfare with fundamental rights are of great importance for any democratic country. In India SC is the guardian of Indian Constitution. It has not only interpreted the existing law but also promises for its effective implementation by fulfilling the loopholes in it. The present article provides an overview of the various laws dealing with innovation and intellectual property rights in India and how they are important for the economic development of country.
