In India, the academic discourse surrounding intellectual property (IP) has been marked by great skepticism. Global IP laws have been viewed as a Western imposition detrimental to national interests. In this paper, I will make the case for a “realist” approach to film piracy in India, i.e., an approach that is rooted in legal pragmatism and draws from the New Legal Realism (NLR) movement. I will suggest a rough template for such an approach, referring to seven broad elements: a) international relations realism; b) contextualization of IP; c) contextualization of copyright; d) the views and interests of the film industry (including creators); e) the working of the pirate economy; f) the law and its enforcement; and g) reforms in the law and industry strategies. In keeping with the spirit of NLR, I will explore a range of top-down and bottom-up perspectives. I will conclude by commenting on the feasibility of certain legal reforms.