The presentation herein, by Dr. Kalyan Kankanala and Somashekar, was given at the National Law School of India University. Broadly speaking, the presentation takes us through the industries of Machine Tools, Plastics and Foundry. Keeping these industries in mind, major areas of IP are looked into such as patents, copyrights, trademarks, designs and trade secrets. Planning strategic IP audits using the available protectable IP in these industries along with the awareness of the actual protected IP is highlighted. It comes to a finish by giving appreciable methods of increasing the effective IP protected through IP audit strategies.