Intellectual property can be basically defined as of the properties that are produced and owned by human beings and their creative thoughts. The term property is used for these thoughts and ideas because it will provide money as profit in business. Properties are generally of two types, tangible and intangible properties. Tangible properties are the things than is existing, which means we can see, touch and feel it. Intangible properties are one which is not seeable. These are immaterial things. Some of the intangible properties are trademark, copyright, patent, designs etc., these things come under the intellectual property. Intellectual property is an intangible, incorporeal property. It cannot be seen or touched; it consists of bundle of rights in relation to certain material objects created by the owner. Whatever is produced or originated by the human skill, intelligence, labor and efforts are called the intellectual property.
Characteristics of Intellectual property:
The basic concept of this law is the produced new one should be new and original; in legal term it is known as novelty and originality.
It is an intangible property.
It is the bundle of rights in relation to the material object created or invented by its owner.
Whenever there is an intellectual property and it will be registered then the owner can use such property for the specific period of time.
The person other than owner can use the property when there is a legal sale, mortgage or lease to that specific person.
After the completion of the specific time period it will become the public property and anyone can use this idea for money making.
The patents, designs and trademarks are called ‘industrial property’ and the copyright and confidential information are called ‘intellectual property.
The intellectual property rights are statutory rights governed by Copyright Act, 1999, Trademarks Act 1999, Designs Act 2000 and Patents amendment Act 2002, the Semiconductor Integrated Circuits Layout design act, 2000, the Geographical Indication of Goods Act, 1999, the Protection of Plant varieties and Farmer’s rights Bill 1999 and the Information Technology Act 2000.
Growth of intellectual property:
The development of communication and transport are the main reason for the growth of this intellectual property. Because after this the world become globalized. After the improvement in social media there is huge infringement in copyright. To safeguard that the intellectual property related laws has been increased and provide compensation and punishment for such infringements. Now many new enactments and statues have come into enforcement to protect semiconductor integrated circuits, layout designs, plan varieties and foreigners’ rights, information technologies, cyber regulations etc., Intellectual property is thus one of the fast growing branches of law. This has contributed more amount in short period for the economic development of the country.
Because if an intellectual property related idea is to be registered then they should pay a specific amount to government and then after the completion of such period the competitors will also use similar ideas and produce more products in the market. This will pave way for more people to get employment and it will help in the growth of industries in India. The entertainments like cinema, television also depend upon the intellectual property. Because these items come under the category of art and art is under the copyright. If someone is taking a film and if it wanted to be telecasted in a channel, it is known as broadcasting, such broadcasting rights will be given to the buyer by seller after getting certain amount form them.