IP CRIME: "Rising Threats To Intellectual Property Rights"

INTRODUCTION

In today's era, Indian economy relies upon the Intellectual property (IP) to drive economic growth at a fast pace. Every company is now understanding the need of IP, R&D is being taken recourse to extensively, foreign brands are entering the market and high rate of FDI is being witnessed in the Sector. In spite of the undeniable benefits, Indian economy is facing a serious problem which one is seriously taking note of, a problem which is slowly hampering the root of the country's economy. Taking examples from every day life of which we are all aware viz. fake watches, stamps, cigarettes, cosmetics, pharmaceuticals, FMCG products, auto components, software, music, movies etc which is resulting in significant loss to companies & their rightful owners corresponding evasion of tax duties and violation of the rights of the consumer. This article mainly emphasized on IP crime issues and the related factors contributing to the growth of IP crime and India's