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Intellectual Property Rights have been consistently in focus since Paris and Berne conventions held in 1883 and 1886. The British enacted first law in 1911 (in India) for intellectual property rights to protect the rights of inventions, patents, designs, etc. Intellectual Property Rights cover rights for patents, designs, inventions, literary creations, performance, trade marks, artistic creations, circuit design, trade secrets, copyrights and so on. Recently with the establishment of WTO (World Trade Organization) and world trade organization agreement on Agriculture have further created more serious and complicate problems for many developing countries like India. India is facing serious opposition for traditional knowledge and medicinal plants and herbs being used in India since Vedic Times as per Ayurveda’s dictions. India is feeling encroachment in its cultural domain since times immemorial, eg. Cases of Turmeric, Neem and other medicinal plants. Globalization has further made the situation on one hand promising for Indian economy but on other had worse conditions have been created in the field of Agriculture which has adverse effect on our economy.