Significance of Utility Patents in the Economic Development of India

Abstract

Utility Patents protects the incremental inventions on existing inventions, which do not fulfill the stern patentability criteria. But in India, we still do not have any laws on Utility Patent. Hence, there is an imminent necessity for legislation on protection of Utility Patent rights in India. The effective diffusion of innovation has always contributed to the economic growth of the country. If laws on protection of Utility Protection Rights are legislated in India, like any other country in the world, our country will also progress in the ranking of the international IPR index, and the Global Innovation Index, which in turn will contribute and enhance the economic development of India.