Businesses are not only concerned with real property like land and building etc. Incorporeal property such as intellectual property is of great concern to certain businesses, individuals and corporations.
Intellectual property refers to the distinct types of creations of the mind for which property rights are recognized—and the corresponding fields of law. Under intellectual property law, owners are granted certain exclusive rights to a variety of intangible assets, such as musical, literary, and artistic works; discoveries and inventions; and words, phrases, symbols, and designs. Common types of intellectual property include copyrights, trademarks, patents, industrial design rights and trade secrets in some jurisdictions.
India Initially showed signs of resistance to quick enforcement of international intellectual property right (IPR) protection laws as demanded by the developed countries, particularly the US. Under the terms of the WTO, India was required to implement WTO-standard IPR protection laws by 2005. It must be acknowledged that there has been remarkable progress in IPR protection in the field of software and cinema products.
India's general argument was that it does acknowledge in principle the case for strict IPR protection, but this can be done only in phases suited by its own ground reality. The reality is that absence of international IPR protection for some decades has spawned employment for millions, so an overnight clampdown on IPR violators would foment social unrest.
However, under pressure from its own domestic industry and the United States, India strengthened its copyright law in May 1994, placing it at par with international practice. The new law, which entered into force in May, 1995, fully reflects the provisions of the Berne Convention on copyrights, to which India is a party. Based on its improved copyright protection, India's designation as a "priority foreign country" under the United States' Special301 list was revoked and India was placed on the "priority watch list”.
While Indian industry has been increasingly realizing the importance and benefits of IP creation and protection, the Indian Government has been doing their best in creating conducive environment by upgrading infrastructure and bringing in policy level initiatives in the country which has resulted in sweeping changes in IP culture and administration in the Country.
Looking at the current global scenario China has the 5th rank. 7,946 patent applications were filed by china last year. On the other hand India put a real poor show and managed to file only 761 patents last year .