Relevance of IPR for the Economy

Abstract

IPR is very relevant for the growth of the economy. Nowadays the success of any organization is determined by the number of patents it holds. Protection of the Intellectual Property Right is very important for the growth of the economy. India signed the TRIPS (Trade-Related Aspect of the Intellectual Property Rights) agreement in the year 1994 which came into effect from 1st January 1955. Since then the Intellectual Property Rights of India has gone through many changes. One such change was the introduction of the Customs Act in 1960, which empowers the custom authorities to check the cross-border infringement of any type of Intellectual Property rights. This power seems not in compliance with Article 51 which requires the member countries to check the cross-border infringement only in respect of pirated trademark and infringed copyright. This paper deals with how custom authorities had hindered the movement of goods which will aggravate the blockage of the growth of the economy.This paper further deals with the case of Ramkumar, Bhogilal and Ericsson and the recent amendment to the Intellectual Property Right (Amendment) 2018 Rules.