New patent regime and industrial development

The patents by its nature are more or less still the forms of industrial property and are
considered to be essential ingredient for industrial growth. Almost every country of the
world had enacted its own patent legislations according to its suitability. Indian Patent act
1970 prior to its amendments to make it TRIPs compliant had worked for the betterment
of the industrialization in India. Because when India got independence in 1947 the
biggest challenge before it was the overall development of humanity with all aspects of
social, economic, industrial, educational and political development. No doubt in a short
span of independence India has achieved a great success in each sector. The industrial
development largely depends upon two crucial sectors technology and R&D. The
industrial impacts will lie on the facts that how much technology and R&D is affected by
the new patent regime.