Hi,nowadays we are having property,so we must know about Intellectual property also.
Intellectual Property :

Intellectual Property generally means knowledge or information that has commercial value .Intellectual Property is an intangiable,incorporeal property.It consists of a Bundle of rights to the Owner.It is produced or originated by the human skill,intelligence,labour and efforts are called the Intellectual Property.It helps to take action against the third parties for their infringement of his right over the intellectual property.The Main object is the protection of the private person's right over the Intellectual property.
The term "Intellectual Property" is used to refer the Copyright,Trademark,Patents,Industrial Designs and Confidential Information.

Nature & system of Intellectual Property:

The basic concept of the law is Novelty and Originality.It is an intangible and incorporeal Property.It has a Bundle of Rights in relation to the material pbject created by its owner.He has exculsive right for particular time and this time he can take action against the infringement of his rights over the property.And he can transfer his rights,licenses or sell to the third parties.
It covers Patents,Copy Rights,Industrial Designs,Trademarks,Know-how and Confidential Information.The Patents,Industrial Designs and Trademarkm are called "Industrial Property". The Copyright and Confidential Information are called "Intellectual Property".
The Intellectual Property Rights are statutory Rights governed by Copy Right Act 1999,Trade Mark Act 1999,Designs Act 2000,Patents Amendment Act 2002,Information Technology Act 2000.

Growth:

Intellectual Property is Fast Expanding.In India is undergoing changes to harmonize with the agreements on GATT(General Agreement on Trade and Tariff) & TRIPS(trade Related Aspects of Intellectual Property Rights).It has various International Conventions like Berne Copyright Convention.
It is one of the fastest  growing branches of law today all over the world.Now Broadcasting,Cable Casting,Telecasting,Internet Websites and Cyber Space etc...

Purpose & Need for Intellectual Property:

The Intellectual Property has contributed to the Economic Development of the country.The right is protection of the enjoyment of the fruits of such intellectual labour of such inventors,authors and originators.By this,the Competetors are forced to make new inventions and make more Quality in his process.
The protection of Industrial designs encourage its owner to develop and new designs for commercial benefits.It prevents copying of Trademarks,inventions etc..,
Rights:

Intellectual Property Rights inculde the Rights relation to: Literacy,Artistic,Scientifis works,Phonograms,Broadcasts,Scientific Endeavors,Industrial Designs,Trademarks,Service Marks,Commercial Names,and also invention in all fields of human endeavor.

Kinds and Term of Protections:

1.CopyRight ( 60 years)
2.Patent Right ( 20 years)
3.Industrial Designs ( 10 years)
4.Trade Mark ( 10 years)
5. Layout Designs
6.Confidential Information

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