The Patents Act defines various rights which patentees have. These rights include:

Exploitation
Sections 47 and 48 of the Act deal with the right of a patentee to exploit a patent.
Where the subject matter of the patent is a product, the patentee has exclusive right to prevent third parties who do not have his consent from making, using, offering for sale, selling or importing for those purposes that product in India.
Where the subject matter of the patent is a process, the patentee has exclusive right to prevent third parties who do not have his consent from using that process, and from the act of using, offering for sale, selling or importing for those purposes the product obtained directly from that process in India.
However, the exclusive right of exploitation as described above is subject to various exceptions: the government may make or have made or import or have imported the subject matter of the patent for its own purposes. The Act also makes exceptions for the use of patents for educational purposes and in the case of patents in respect of medicines and drugs.

Licence and Assignment
Section 70 of the Act deals with the power of a registered grantee or proprietor to deal with a patent by saying that have the power to assign, grant licences or otherwise deal with patents and to give effectual receipts for any consideration foe any such assignment, licence or dealing. This is subject to the provisions contained in the Act relating to co-ownership of patents and to any rights vested in any person of which notice is entered in the register.
However, any equities in respect of the patent may be enforced in the same manner as in the case of any other movable property.

Surrender
Section 63 of the Act deals with the surrender of patents. A patentee may offer to surrender his patent at any time by giving notice to the Controller in the prescribed manner. If a patentee offers to do so, the Controller is required to publish the offer and notify every person other than the patentee whose name appears in the register as having an interest in the patent.
Any person interested may give notice to the Controller of opposition to the surrender within the prescribed time. If this is done, the Controller must inform the patentee of such opposition.
If the Controller is satisfied after hearing the patentee and any opponent, if desirous of being heard, that the patent may properly be surrendered, he may accept the offer and, by order, revoke the patent.

Miscellaneous Rights
In addition to this, patentees have the right to sue for infringement of a patent, apply for the restoration of a patent and take steps in case the patent is used for defence purposes or in case of non-working of the patent.