A member of India’s Economic Advisory Council to the Prime Minister (EAC-PM) has announced that India is on the verge of having the capability to issue 1,00,000 patents in a single year. The EAC-PM is an independent body established to provide economic advice to the government, particularly the Prime Minister. Patents grant exclusive rights to inventors for their inventions, preventing others from using, selling, or importing the patented technology without permission. These rights are typically valid for 20 years from the date of filing and are territorial in nature, applying only within the country or region where the patent is granted.
Facts/Terms for UPSC Prelims
- Economic Advisory Council to the Prime Minister (EAC-PM): An independent advisory body in India tasked with providing economic advice and addressing macroeconomic issues referred by the Prime Minister.
- Territorial Rights: Refers to the fact that patent protection is limited to the specific country or region where the patent has been granted and does not extend beyond its borders.
- Patent Application: The formal submission of technical information about an invention to the authorities for the purpose of seeking patent protection.
- Exclusive Rights: The rights granted to the patent owner, allowing them to control the use, sale, distribution, and importation of the patented invention.
- NITI Aayog: The nodal agency supporting the functions of the EAC-PM, responsible for administrative, logistical, planning, and budgetary aspects.
