The paper examines the impact of Intellectual Property Rights on the Indian seed industry. The data used in the study have been taken from the reputed published sources. The study brought out that as long as Indian farmer continues to be a grain producer and does not convert himself into a 'commercial seed seller' of the protected variety, he would be unaffected by the Plant Breeder's Rights. More than 85 per cent of the seed used in India is produced by the farmer himself. The Indian farmers would continue to use self-retained seeds even under the TRIPS regime because the Indian seed industry is basically cereal based. The success story of Bt cotton under the TRIPS regime has proved a boon for the Indian farmers.