NEW AGE TUSSLE WITH THE LEGAL MEASURES IN CONTROLLING THE COUNTERFEITING PRACTICES: A SPECIFIC STUDY ON IP SEGMENT

Abstract

Globalisation, trade facilitation, and the expanding economic significance of intellectual property are all drivers of economic enlargement. However, they have also led to different ways for illicit networks to expand the span and scale of their operations, free-riding on intellectual property and polluting trade routes with counterfeit goods. Leading to the serious outcome for both the economy and the citizens. Trade in counterfeit goods not only damages economic growth but also undermines good governance, the rule of law and citizens’ trust in government, and can ultimately threaten political stability. Tracing back to the history of counterfeiting from 1925, we have seen a huge rise over the time. And India is not new to counterfeiting. It costs the Indian economy INR 1 trillion every year. In fact, one in three Indian adults have been victims of fake products from one or the other e-commerce websites, making online counterfeiting the fastest growing crime. In addition, in some cases, such as that of fake pharmaceuticals, counterfeit goods can have serious health and safety implications for citizens. The legal structure intends to protect the enthusiasm of clients and partners and reasonable come back to the correct holders is the core of IPR insurance and requirement by the Legislature to guarantee IP security of right holders and battle the rotting impact of forging in India. Aside from the legal arrangements, the legal choices and perceptions in setting of disallowing forging in India merit referencing. We are confident that this article will make a major contribution to the understanding of the volume, magnitude and harmful societal effects of illicit trade in counterfeit and will urge policy makers to shape effective solutions to combat and deter this scourge.