The new National Intellectual Property Rights Policy advocates an aggressive, neo-liberal agenda of commodification of knowledge, and extends this to traditional knowledge as well. However, there is a need to revisit the primary, still unresolved issues regarding the protection of traditional knowledge and their tentative solutions. Considering the inevitability of participation in the global trade order, a case is made for equipping traditional knowledge holders and indigenous and local communities with the wherewithal to participate in the market economy, proactively assert their rights over their traditional knowledge, and derive benefits from its use.