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World is growing day by day and the external threat on the Indian economy constantly prevails. There could be due to various reasons which may provide the harmful effect on the Indian economy. It becomes necessary to know the prime factors affecting the economy of the India. Intellectual property right is one such point which has the direct impact on the economy of the India. This reveals the present status of the market and ways to compete in the market and companies of other nations. The intellectual property rights are the work of the new innovations and latest inventions which enables the innovation to lead in the market so it is essential to constantly monitor the market. In this direction, government oriented awareness program are conducted to provide the knowledge on the latest market trends and intellectual property rights. What is intellectual property? IP is referred to the invention or creation on some symbols, names, images and designs uses for the commercial purposes. Mainly intellectual property is classified in two broad ways. One is industrial property where the inventions work involves patents, trademark, industrial designs and indication of source. Another intellectual property is the copyrights where the literary invention such as films, music plays and poems and artistic works like painting sculpture, architectural designs, drawing and photography becomes the intellectual property of the owner or inventor. Sometimes few innovative indigenous works of local community people are also added as the intellectual property. What are intellectual property rights ? Intellectual property rights are the right of a person over the creation of his mind. It gives the liberty to exercise his exclusive right on the use of his creations for a period for set period of time. There are the exclusive rights in the category of Intellectual properties. One is the right related to the copyright intellectual property where these rights enable the owner to exercise the right on their artistic works and protect these rights by issuing copyright to use their artistic work for around 50 yrs or till the death of the inventor. A copyright protects the rights where literary work, artistic works, photography, producers and broadcaster organization works are included. The prime aims of such rights are to provide the protection to copy right and thereby it encourages and reward the creative work. Another is right of industrial property where one area gives the right to protect the specific symbols, signs particularly trademarks and geographical indication. The main aim of these rights is to protect the distinctive signs to ensure the fair competition in the market and protect the consumers to choose between various products and services. Second area of IPR deals with the industrial design and trade secret. The prime aims of these rights are provide the protection to the results which are obtained by investing in the development of the new technology and the earned incentives becomes the finance for the research and development processes. Usually the right protection period is limited to 20yrs. Effects of misuse of IPR Government of India is quite keen to work on the intellectual property right issues, as the major income earned to government is through IPR only. Government of India has brought out various schemes to help the entrepreneurs with some financial aid like subsidy, reimbursement. At the same time, government of India taking the help of private investigators to deal with the violators of Intellectual property right. Strict rules and law are in force to deal with the violators and more fast track court is established to prosecute IPR cases. It reveals that constant discussion on IPR, Indian patent law utility of IPR will give more awareness to the people.
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