Intellectual property mainly speaks of all those tangible properties which are created by the minds of respective owners of various properties. The term intellectual property thus vests in the valuable production of human mind, labour, skill and efforts. This property thus relates to the capacity of a man to produce new things so that economy and market can be improved and public can enjoy the benefits of new technology. India has a long history of protection of intellectual property rights through legislative enactments and judiciary. Earlier all the concepts coming within the ambit of intellectual property rights where looked after by Indian Penal Code and provisions of Specific Relief Act. But with the passing of time, new and improved versions of rules and regulations governing the same was introduced. Intellectual property in India is mainly governed by Indian Trademarks Act, 1999, Indian Patent Act, 1970, Indian Copyright Act, 1957, Indian Design Act, 2000 and the Geographical Indication of Goods Act, 1999. Intellectual property mainly flourished in India after the implementation of TRIPs agreement. The TRIPs agreement provided an opportunity to the developing countries to utilize the tools of the developed countries pertaining to improvement and success. The main aim of intellectual property in India is to avoid discrimination and distinction among different competitors so that the benefits of intellectual property can be exercised by the creators and users equally. The main objective of intellectual property is public benefit along with commercial exploitation of the same.
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