Creativity and invention are the energy source that speed up the growth and development of any knowledge country. The 21st century, particularly, belongs to the knowledge period and is driven by the knowledge country. With rapid liberalization of trade and globalization, there has been an emergence of “Intellectual Capital” as a wealth creator resulting in Intellectual property rights performing an irreplaceable element. Intellectual property rights (IPR) can be defined as the exclusive rights given to people, and defended by law, over the creation of their minds for a certain period. This research paper includes the types of Intellectual Property in India, Importance of IPR, the problems with the IPR regime in India, how much Successful the IPR policy is? This research paper also put some light on the initiatives taken by the government for development of IPR in India