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The property that is developed by the human mind and by human intellect is called Intellectual Property. In present times rights attached to intellectual property are becoming very important and valuable. In India, the Government have been providing well-established administrative services and Judicial frameworks. Intellectual property rights played an important role in the overall growth of a country. Intellectual property lawsare different in all countries. In many developed countries, successful planning and strict enforcement of intellectual property rights have a huge contribution in their economic growth. IPR promotes innovation which leads to economic growth. Creation of innovation is the primary activity of each and every business in the world nowadays. The countries are now promoting their businesses through providing the importance to IPR laws. Intellectual Property rights have a great impact on the financial growth of a nation. The growth in economic development can be positive and negative through the impact of IPR. It is very important to protect the interest and rights of people to evolve in innovation and creation which is directly linked to the development and growth of the country. The most developing economies like India must focus on raising productivity in the market. India has always been known for its outstanding services to the rest of the world. Innovation requires a great amount of investmentbut have an important role in investment. We have examples of developed countries like USA, Japan and China in which the rate of development increased by 5 times after the implementation of Intellectual property laws. Some drawbacks are also associated with IPR as sometimes it restricts the use of right of technology in the best suitable way. The person or organization who is holding rights sometimes misuses their rights. On the ground of monopoly, they can charge higher prices of their rights. This article will signify the role of Intellectual Property rights in the economic growth of a country. This paper will also study the pros and cons of relationship between IPR and the economy.