India approved its first ever Intellectual Property Rights (IPR) policy with a vision to stimulate creativity and innovation and to promote advancement in science and technology, arts and culture, traditional knowledge and biodiversity resources. The policy lays out seven broad objectives and they are as follows: Awareness: outreach and promotion; Generation of IPRs; Legal and legislative framework; Administration and management; Commercialization of IPR; Enforcement and adjudication; and Human capital development. This article considers various…