How does the present IP system strike a balance between the rights of an inventor and the rights of other individuals and the Society in general? 

The present intellectual property (IP) system is designed to protect the rights of inventors while also balancing the needs of society as a whole. Intellectual property includes a range of intangible assets such as patents, trademarks, copyrights, and trade secrets, which are designed to protect the value of original ideas, inventions, and creative works.

At the heart of the IP system is the idea that an inventor or creator has the right to profit from their original work, but that this right is not absolute. The system recognizes that intellectual property is a form of public resource that benefits society, and that the rights of inventors and creators must be balanced against the needs of society as a whole.

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