Trade Secret Laws in India Under IPR Regime: An Emerging Need

Abstract

Intellectual property is the product of human intellectual creations. At present day intellectual property is having an incredible demand than in the past. Trade secrets, Patents, Trade Marks, Designs, Copyright and more comes under the term intellectual property rights (IPR). All the elements of IPR are based on knowledge and intellectual capacity of an individual. Intellectual property is considered as an intangible asset. In addition to the protection of their creation, owners and creators of the intellectual property can maximize the value of their intellectual property in many ways. They can license, franchise or transact their intellectual property globally. Larger the property is globally explored more the profit earned by the owner. In the present era of global industrialization it is very important to recognize and protect such properties.1 There are two primary reasons why nations have laws protecting intellectual property in the domains of industry, science, literature, and the arts. One is to codify into law the economic and moral rights of artists over their works as well as the public's right of access to them. The second is to actively foster fair trade, which will advance social and economic growth, as well as innovation and the transmission and implementation of its findings through government policy. Generally speaking, the goal of intellectual property law is to protect persons who create and produce intellectual products by giving them specific limited-time rights to manage how such creations are used. These rights only cover the intellectual invention itself; they do not extend to any tangible form that the creation may take. Industrial property and copyright are the two traditional categories of intellectual property.