Data Privacy and Corporate Interests: Balancing Intellectual Property Rights With Individual Privacy in India’s Digital Economy
Written by: Ms Srija Singh
ABSTRACT:
The intricate equilibrium between corporate interests, notably within the realm of intellectual property rights, and the sanctity of individual privacy stands as a paramount concern amid India’s rapid digital transformation. This comprehensive research delves into the prevailing legislative landscape governing data privacy in India with a discerning eye, aiming to scrutinize its operational efficiency. Additionally, it undertakes to unravel the intricate dynamics between corporate exigencies and the imperative safeguarding of individual privacy. This scholarly inquiry not only endeavours to offer cogent insights into the current state of data privacy legislation in India but also undertakes a critical assessment of its efficacy in shielding personal information.
Furthermore, it rigorously investigates the multifaceted challenges stemming from the convergence of corporate agendas and the pivotal sphere of individual privacy rights. The unfolding metamorphosis within India’s digital landscape has undoubtedly ushered in a surge of economic growth.
Nonetheless, this transformation has concurrently sparked profound apprehensions surrounding the potential erosion of individual privacy rights. Considering this, the article seeks to chart a path toward coherence, aiming to identify measures that foster a symbiotic relationship between intellectual property rights and the inviolability of individual privacy within the burgeoning digital economy. Moreover, this examination doesn’t merely confine itself to evaluating the existing legal framework; it proposes proactive strategies that could potentially reconcile the dual imperatives of corporate interests and individual privacy protection.
KEYWORDS: Data Privacy, Corporate Interests, Intellectual Property Rights, Digital Economy.
INTRODUCTION:
Intellectual property (IP) refers to legal rights over intangible assets such as inventions, literary and artistic works, logos, and brand names. These rights protect the creators while also allowing them to control and profit from their work. Article 27 of the Universal Declaration of Human Rights (UDHR) declares that “everyone has the right to the protection of the moral and material interests resulting from any scientific, literary, or artistic production of which he is the author.” Implementing intellectual property rights in India has been a lengthy process that has taken many years of legal and local judgments and has been witnessed around the world.
Today, intellectual property is an important aspect of the legislation that promotes economic progress. [1]Encourages both creativity and innovation. It is centered on giving producers, manufacturers, and innovators the right to secure their intellectual property rights while being compensated for their work. The participation of India in several international agreements and conventions demonstrates its historical devotion to this principle. Another crucial component of preserving sensitive data comes into play in the context of data privacy in general. Data privacy refers to the process of ensuring that information is stored, secured, unalterable, and safe.
This involves safeguarding personal information such as name, address, Social Security number, credit card information, and other sensitive data such as financial statements, private property, and personal medical records. Different industries often have their own data privacy and data protection procedures, which must also adhere to certain standards given by regulators and authorities.
Data Privacy, on the other hand, is codified as a basic human right, serving as a bulwark against data breaches and identity theft, both of which can have significant economic ramifications. It is critical in setting up customer trust, as people increasingly value their data rights. Furthermore, data privacy policies are crucial for international trade and data flows, influencing international relations dynamics. Consumers expect organizations to adhere to high standards when it comes to keeping ethical data practices and guaranteeing informed consent. Data Protection and IPR………………………………………. To Read the Full Paper Click on the download button below.
[1] Rachit Garg, Data privacy and intellectual property rights – iPleaders, IPleaders (Dec. 14, 2020), https://blog.ipleaders.in/data-privacy-intellectual-property-rights/.
