The concept of putting identification marks related to source on the articles of trade, especially merchandise taken across geographic borders is very ancient. Prehistoric earthen pots, coins, stone tablets, etc., mention such a practice, and there are claims from several parts of the world of having literary references to the practice of bestowing special privileges on innovators.

• Republic of Venice is credited with framing a law in the year 1474 in its economic policy that provided grant of exclusive rights to inventors for limited periods of time. These were part of efforts to regain trading ground lost by Venice to Turks.
• In France, inventors solicited privileges from the King in return for handing over the same to the King’s offices after expiration of the privilege period. Modern statutes on such privileges were introduced in France in 1791.
• In 1641, a patent for a new process of salt making was granted in Massachusetts in North America.
• The Statute of Anne enacted in the British Parliament in 1710 gave legal protection for consumers of copyrighted works by curtailing the term of copyright, preventing monopoly on book selling.
• At the height of industrial revolution, when the impact of patents was being seriously felt in England, the US constitution drafted its US patent law. During the colonial period and Articles of Confederation years (1778-1789), many states of the US adapted their own systems of patents. In 1790, the American Patent Bill signed by George Washington laid the foundation to the modern American patent system. The first patent was granted under the Act in the same year for a potash production technique.
• Since then, the US patent and Trademark Office has recorded and protected inventions such as the electric lamp of Thomas Alva Edison, telephone of Alexander Graham Bell, etc.
• Thus, the patent system has protected the inventors by giving them an opportunity to profit from their labors and has benefited the society by systematically recording new inventions and releasing them to the public after the inventors’ limited rights have expired.
• The patent system, however, started to come under attack, and the Sherman Antitrust Act in the US in 1890 was the result of concerns over big businesses monopolizing. However, after the economic depression of the late 19^th century, the reviving economy saw the resurgence of interest in patenting.
• The advent of industrial revolution and the powers brought with newer technologies saw the countries competing in trade to gain supremacy. World War II highlighted the toll of warfare on nations, and thus, innovations and technological benefits resulting from them appeared more alluring than the short-lived supremacy gained through wars.
• In the scenario of technological supremacy and economic benefits accrued from innovations in general, innovators were not willing to let out their invention unless there was monetary gain.
• To provide governmental support to creative endeavors, nations came up with the idea of balancing the interests of inventors to secure a monetary gain for their creation with the interest of the society in benefiting from the creation.
• Thus was born the system of patenting by which a set of exclusive rights are granted by an established governmental authority to an inventor for a limited period of time in exchange for public disclosure of the invention.
• Post–World War II, many countries such as Japan built their economic and industrial base and potential through extensive use of their IP. The Asian nations also are now utilizing their IP system for developing their industrial base, exports and, thus, economic growth.

As technology is an important asset in trade, investment and economic development, its development is largely dependent on strong IP protection, thus creating newer ways of making products of creative activity reachable to public. Ensuring effective use and protection of IP is of great economic significance as IP is an important resource for sustainable economic development.

The advent of sophisticated technologies has made the act of piracy and counterfeiting much easier. Strict enforcement of IP laws is therefore needed to provide an environment conducive to investment.

Thus, industrial property and patent information have an important role to play in determining the direction of researches in industries, businesses, government and academic institutions to encourage invention and innovation. Hence, globally IP rights are assuming an increasing importance in trade relations and national growth.