"Over the past fifteen years, intellectual property rights have grown to a stature from where it plays a major role in the development of global economy." In the light of this statement, prepare a brief note on recent de

Following the conclusion of the TRIPS Agreement, much has been written on the potential costs and benefits of stronger Intellectual Property Rights (IPRs) protection in terms of growth and technology transfer, particularly for developing countries. It is to be noted that the countries operating at different stages of development must use the flexibilities in the TRIPS Agreement to maximize its net benefits for their development. While stronger IPR protection in the poorest countries is not likely to lead to substantial benefits in terms of innovation or technology diffusion, the administrative cost of developing a patent system and the enforcement of TRIPS, along with the potential abuses of market power in small closed markets suggests that such countries could lose out from TRIPS. Stronger IPR protection in the poorest countries may also inhibit or lengthen the imitative stage of development that seems to be necessary in order to develop innovative capacity in many industries. Policies aimed at improving the business environment and encouraging imports of technology embodied in goods could potentially reduce such costs, though their impact on other development-related goals needs to be carefully weighed. However, there are other key developments which has taken place in the IPR regime over the period of time mentioned below: The Design Act, 2000 now has been enacted specially to protect individual designs and to encourage design activity to promote the design element in the article of production. In order to comprehensive legislation in registration and for providing adequate protection for geographical indications, Geographical Indications of Goods (Registration and Protection) Act, 1999 has been passed. Trade secrets are protected without registration. It can be protected for any period of time but a substantial element of secrecy must exist. There are various enactments which seeks to protect trade secrets. In order to provide for the establishment of an effective legal system of the protection of plant varieties, the rights of farmers and plant breeders and to encourage the developments of new varieties of plants, the protection of plants varieties and Farmer's rights Act 2001 has been enacted With the advancement of information technology, Semi-Conductor Integrated Circuits, Layout Design Act has been passed. Copyright Act, 1957 has been amended in 2012 which contains: Amendments to rights in artistic works, cinematograph films and sound recordings. WCT and WPPT related amendment to rights. Author friendly amendments on mode of assignments and Licences. Amendments facilitating access to walk Strengthening enforcement and protecting against Internet piracy Restore of Copyright Board. Trade Mark Act, 1999 has been enacted replacing the Trade Mark Act, 1958 to make it harmonies with the Paris Convention for Protection of Industrial property and TRIPS Agreement. The patents act 1970 has been amended in 2002 pursuant to TRIPS Agreement.