In a globalized world, Intellectual Property Rights assume significance and are a source of litigation. Broadly distinguish between the terms—Copyrights, Patents and Trade Secrets.

Different types of IPRs

(1) Copyrights - around creative and original works in literature, movies, music, painting etc. => for lifetime e.g. Copyright on Books.

(2) Patents - IPR on a new invention gives about a particular period i.e 20 years for its exclusive use by original creator. e.g. Patents on vaccines.

(3) Geographical Indications - on special products from a particular geographical area. e.g. Basmati Rice.

(4) Trademarks - Brands and their marks which give them unique recognition e.g. logos of Brands like Nike, Macdonald. (m)

(5) Industrial designs - on unique creative product designs. e.g. Iphone body design

(6) Trade secrets - Business formulas etc. e.g. coca cola recipe.

Significance for India

(1) Boost to self sufficiency, Research and Development => a thrust to Atmanirbhar Bharat. (2) will help India gain an international recognition. (3) A good Research technology can help plug the digital, scientific, economic divide between developed and developing. e.g. Vaccine Research.