New Delhi, Apr 26 (KNN) India granted a record 1.03 lakh (103,000) patents in the financial year 2023-24, the Controller General of Patents, Designs and Trademarks, Unnat Pandit, announced on Thursday.

Pandit assured that there will be no delay in clearing patent applications going forward as the Intellectual Property (IP) Office prioritises timely clearance.

Speaking at an Assocham event, Pandit revealed that 40 per cent of patent applications were disposed of within 30 months of requesting examination.

"We are going to have no delay in the IP office. IP should be granted and under Chapter 8 of the Act it should also be utilised by the applicant, that will generate the economic value of IP," he stated, reported ET.

Pandit emphasised the need for India to strengthen its IP position as patent filings continue to rise.

In 2023-24, India received 90,300 patent applications, indicating robust research activity and confidence in commercialising innovations in the Indian economy.

The Commerce and Industry Ministry had earlier highlighted that one technology seeks IP protection in India every 6 minutes.

In 2023, an all-time high of 90,300 patent applications were filed, and over 1 lakh patents were granted between March 15, 2023 and March 14, 2024, with 250 patents being issued every working day.

The government has also notified the Patent Rules 2024, introducing provisions to simplify the patent obtainment and management process.

A unique 'Certificate of Inventorship' has been introduced to acknowledge inventors' contributions to patented inventions.

(KNN Bureau)