Intellectual property rights (IPRs) have been defined as ideas, inventions and creative expressions for which there is a public willingness to grant ownership status. Intellectual property rights grant certain exclusive rights to the inventors or creators of that property to enable them to reap commercial benefits from their creative efforts or reputation. There are several types of intellectual property protection, such as patent, copyright, trademark, etc. A patent is recognition of an invention that meets the criteria of global novelty, non-obviousness and industrial utility. Intellectual property rights are a prerequisite for better identification, planning, commercialization, rendering and thus protection of invention or creativity. Each industry should develop its own IPR policies, management style, strategies and so on depending on its area of specialization. These rights strengthen the innovation environment by providing recognition and economic benefits to creators or inventors, while lack of awareness of intellectual property rights and ineffective enforcement can hinder a country's economic, technical and social development. Dissemination of knowledge about intellectual property rights and their appropriate implementation is therefore the highest requirement for every nation. This article highlights various IPR terms such as Patents, Trademarks, Industrial Designs, Geographical Indications, Copyright etc. with their corresponding rules, regulations, their needs and roles, especially in relation to the Indian context. Further, the status of Indian participation in IPR related activities worldwide was briefly discussed.
Key words: Intellectual property rights, WIPO, patents, trademarks, industrial designs, layout design of semiconductor integrated circuit, geographic indications, copyright and related rights
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