Abstract
Intellectual Property Rights (IP rights) are given with a purpose and are meant to assure rewards to innovators, and have been an important driving force behind the rapid industrial growth and development in the world. IP rights and development heavily related to each other. IP rights promote growth by converting knowledge into economy. The Indian Patents (Amendment) Act, 2005 introduced product patents in India, beginning a new patent regime. This is done in accordance with the TRIPS agreement. This patent regime has impact on all the fields of patent, but among all it is going to effect the patent relating to traditional knowledge the most. This paper tries to analyze the impact of the new patent regime on the traditional knowledge. It also gives an solution as to what should be done by the government regarding patent of traditional knowledge. What will be the effect of such a policy on the traditional knowledge holder, is also dealt in this paper. This is an analytic paper. This is an original paper and not a copy from any other source.
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