The Plant Variety Protection and Farmers' Rights Act 2001 provides legal protection for new plant varieties in the form of plant breeder's rights, while also recognizing the rights of farmers. It aims to encourage investment in plant breeding as well as conserve plant genetic resources. Under the act, a new plant variety must be distinct, uniform, and stable to qualify for protection lasting 15-18 years. It allows farmers to save, exchange, and sell farm-saved seed and protects farmer variety rights. The act established a regulatory authority and specifies application procedures, criteria for protection, exemptions, and benefit sharing requirements.