Intellectual property (IP) is the creation of human intellect. It refers to the ideas, knowledge, invention, innovation, creativity, and research etc., all being the product of human mind and is similar to any property, whether movable or immovable, wherein the proprietor or the owner may exclusively use his property at will and has the right to prevent others from using it, without his permission. The rights relating to intellectual property are known as 'Intellectual Property Rights' (IPRs). The significance of IPRs could not be denied in any growing economy that is in need of investment and seeking continuous inflow of foreign funds (FDI) for development and growth. To provide conducive and trustworthy environment to the investors, the protection of IPRs thus become imperative for any government. The term IPR denotes the specific legal rights which are to be protected and enforced and not the intellectual work itself. The proper protection of IPRs prevents any unauthorized use of Intellectual Properties and curbs unfair trade practices so that investors fetch adequate commercial value for their efforts and gain confidence for profitable recovery of their investments. This article touches the concepts of Intellectual Properties and reviews the present status of IPRs protection in post Globalised India in relation to the international standards, specifically WTO. This article also tries to bring out the role of strong and enforceable protection of IPRs in attracting FDIs and hence economic growth in India.