Vol. 10, Issue 7, Part B (2024)

Intellectual Property Rights (IPRs) significantly impact a nation\'s financial growth. The influence of IPRs on economic development can be both positive and negative. Protecting the interests and rights of individuals is crucial for fostering innovation and creation, which are directly linked to the country\'s development and growth.

Emerging economies, such as India, must focus on increasing market productivity. India has long been recognized for its exceptional services to the global community. Innovation requires substantial investment, but it plays a vital role in economic advancement. Examples from developed countries like the USA, Japan, and China demonstrate that the rate of development increased fivefold following the implementation of intellectual property laws.

Some products are unique because they can only be produced in specific geographical regions, acquiring a reputation due to their distinctive quality traits. Examples include ‘Champagne’, ‘Darjeeling tea’, ‘Feta cheese’, ‘Scotch Whisky’, ‘Havana Cigars’, ‘Tequila’, ‘Basmati’, and many others. These names often refer to famous places associated with products of particular nature and quality. The common feature of these terms is their geographic connotations, designating specific places, towns, or regions. Interestingly, these names tend to denote the products rather than their place of origin. The uniqueness of these products lies in the link between their quality characteristics and the geographical attributes of the regions where they are produced. Economically, these names are valuable assets, as they can acquire a high reputation and command a higher premium. The type of Intellectual Property that indicates a particular product comes from a specific geographical area is known as a “Geographical Indication”.