• It means the legal rights resulted from intellectual activity in the industrial, scientific literary and artistic field.

• It is a cluster of legally recognized rights associated with innovation and creativity.

• The works of the mind as against physical products, land and other tangible resources.

• The term describes the Ideas, Inventions, Technologies, Artwork, Music & Literature.

• They are intangible when they are created but become valuable in tangible form as products.

• Patents for invention § Literary

• Design for artistic creations § Dramatic

• Trade Mark § Artistic

• Geographical indications § Musical

• Trade Secrets § Cinematography

• Integrated Circuit § Rights relating to performers, broadcasters and sound recorders

• The basic fact is that the inability to protect something by the mere possession of an object underline the purpose of whole intellectual property law.

• IPR law gives statutory expression to the moral and economic rights of creators for their creation.

• IPR law promotes creativity, dissemination and application of its results.

• IPR law encourages fair trading which would contribute to economic and social development.

• It is a Constitutional Right of a person.

• Gives long-term economic benefits by stimulating innovation.

• Attracts Foreign Direct Investments.

• Enhances countries credibility & recognition as a dependable supplier.

• Involves a trade off and some form of reciprocal obligation on the part of the right holder.

• More than half of the Gross Domestic Product of the major OECD countries relates to the production and the distribution of the knowledge.

• In every enterprise whether it produces or delivers goods or services, the knowledge component is becoming the predominant element in differentiating it from its competitors.

• IPR is a key factor in obtaining the transfer of the latest technologies as well as in attracting foreign direct investment.