In 1997, an American company was granted patent rights on which traditional Indian product?

Basmati rice

The correct answer is Option (3) - Basmati rice

Biopatent is a type of license granted for biological resources. It protects invention, processes and products obtained for some time from being commercially used by others. Ethical standards are required to regulate the mortality of all human activities in relation to the biological world. In 1997, an American company got patent rights on Basmati rice through the US Patent and Trademark Office. This allowed the company to sell a new variety of Basmati, in the US and abroad. This new variety of Basmati had actually been derived from Indian farmer‘s varieties by crossing Indian Basmati with semidwarf varieties and was claimed as an invention or a novelty. Several attempts have also been made to patent uses, products and processes based on Indian traditional herbal medicinces, e.g. turmeric and neem.