Explain Intellectual Property Rights.

Concept and Primary Categories of Intellectual Property Rights (IPR):

1. Conceptual Definition: Legal rights granted to creators and inventors for intellectual creations of the human mind (inventions, literary works, symbols, artistic designs), preventing unauthorized commercial exploitation.

2. Core Categories of IPR:

1. Patents: Exclusive commercial rights granted for novel, non-obvious, and industrially applicable technological inventions (valid for 20 years).
2. Copyright: Protection for original literary, dramatic, musical, artistic works, and computer software (author's lifetime + 60 years).
3. Trademarks: Distinctive signs, logos, or brand identifiers distinguishing goods/services (valid 10 years, renewable indefinitely).
4. Geographical Indications (GI Tag): Protection for goods possessing qualities attributable to specific geographical origins (e.g., Chanderi Saree, Kadaknath Chicken).
5. Industrial Designs & Trade Secrets: Safeguarding aesthetics and confidential business processes.

Significance: Catalyzes innovation, encourages foreign investments, and drives economic competitiveness.