Step 1: Understanding the Concept:
A patent gives an inventor exclusive rights to their invention for a fixed period set by law, after which the invention enters the public domain. The Indian Patent Act specifies exactly how long this period lasts.
Step 2: Key Fact:
Under the Patents Act, 1970, as amended in 2005, every patent granted in India, whether for a product or a process, has a term of 20 years counted from the date the application was filed, as long as renewal fees are paid on schedule.
Step 3: Detailed Explanation:
There is no basis in the Act for a 10 year term.
There is no basis in the Act for a 30 year term.
There is no basis in the Act for a 40 year term.
The 20 year period applies uniformly across all fields of invention covered by the Act.
Step 4: Final Answer:
The term of a patent under the Indian Patent Act is 20 years.