**Abstract**

The novel creations by humans were well appreciated and acknowledged, but there exist several lacunae such as illegal copying. These malpractices were high and went on without restrictions. Moreover, with the passage of time, the significance of innovations and applications and their protection, both, increased. The fastchanging pace of global trades and business practices has given rise to a global cutting-edge competition and short product cycle with rapid changes in technology. This competition has laid a great responsibility on Research and Development (R&D) to build new ideas—creating an Intellectual property (IP). It is also said that that is an idea "owned" by an individual or company and is therefore protectable under the law. IP law aims at encouraging innovation by giving the creators of new ideas ample time to profit from their ideas and recuperates their development costs.

**Keywords:** economy, India, intellectual property, patent, R&D
