Given below are two statements: Statement l: Patents are defined as monopoly rights which one granted by the government, for full disclosure of invention for a limited period of time, that is for 20 years Statement II: The purpose of granting patents is to encourage inventions by promoting their protection and utilization so as to contribute to the development of Industries In light of the above statements, choose the most appropriate answer from the options given below Correct Answer Both Statement l and Statement II are correct The correct answer is Both Statement l and Statement II are correct Important PointsStatement l: Patents are defined as monopoly rights which one granted by the government, for full disclosure of invention for a limited period of time, that is for 20 years Explanation: A patent is an exclusive right awarded for an invention is a product or a technique that, in general, gives a new way of doing something or provides a new technical solution to a problem. The protection is granted for a limited period, generally 20 years from the filing date of the application. Hence, Statement I is true. Statement II: The purpose of granting patents is to encourage inventions by promoting their protection and utilization so as to contribute to the development of Industries. Explanation: The purpose of granting patents itself is to not only encourage innovation but also ensure that the inventions are worked in India and are made available to the public in sufficient quantity at reasonable prices. Hence, Statement II is true.