Abstract

The 21st century is grappling with issues like technology, innovation, privacy, and a horizon of intellectual artistries. In light of this, a specialized branch of law known as Intellectual Property Rights has stepped in to safeguard the contemporary world of creativity and ingenuity. All its elements - from trademarks and copyrights to patents - lie under the protected radar of these rights. One of the crucial aspects of said rights is trade secrets, also known as the hidden gems that give companies a competitive edge. These are the secrets that are commercially valuable intellectual property rights on confidential information which may be sold or licensed. They exist in different forms like, formulas, practice, design, algorithms, and patterns. The problem with this aspect is that companies aim to keep their trade secrets independent from intellectual property protection in light of exercising an economic advantage over their competitors. In this regard, India lags behind because of the absence of statutory provisions and legislation, not just to address the problem it brings forth but also to address Trade Secrets as a conceptualized aspect of Intellectual Property Rights. Due to this, India has to rely copiously on Judicial precedents to tackle the issue, unlike the United States of America, which has shown exemplary contribution in this field by coming forward with Trade Secrets specified laws. In this article, the authors have explored qualitative research in the form of doctrinal backing, judicial precedents, and writings of research scholars to discourse said aspect elaborately. By looking into the case studies of different corporations and enterprises that aim to prioritize other Intellectual property rights over trade secrets to protect their competitive spirit in the market, the authors have addressed the need for legal backing for the same. While there are advantages in the economic and legal fields to the non-protection of trade secrets, the future of innovation and the problem of insider trading can trump said benefits and put different enterprises in a spiral on their conquest of market dominance. By analyzing these facets, the paper has accentuated the approach India should incorporate into its legal framework with Trade Secrets as its subject matter.

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