Towards Codified Legal Regime for Trade Secret Protection: A Boost to Indian Entrepreneurship

Abstract

Trade Secrets comprise an important component of Intellectual Property Rights. It helps enable firms enjoy their fundamental and most important right – the freedom to compete. But their use amongst Indian entrepreneurs is sparse. The legal environment in India does not make it easy for entrepreneurs to make use of this vital form of IPR. This paper apart from being a primer on the topic, presents the current state of Trade Secret laws in India and United States of America (USA). It then compares the Trade Secret laws of the two nations and discusses how India can improve Trade Secret Laws so as to enhance its use amongst entrepreneurs. Using case laws the paper showcases the present condition of the Indian legal system which deceives ignorant entrepreneurs. The paper strongly recommends amending the laws relating to Trade Secrets in India so that there will be greater use of it amongst entrepreneurs. This will provide entrepreneurial ventures the much needed legal support in protecting their ideas during the early days. A strong trade secret law will enable entrepreneurs secure their business secrets and safeguard their innovations so as to compete effectively in a highly competitive global market.