New Delhi, Aug 18 (KNN) India has recorded 572 per cent growth in grant of Patents in the last 7 years with 28,391 patents granted in 2020-21 as compared to 4,227 grants in 2013-14, said Union Minister for Commerce and Industry Piyush Goyal.

Speaking at an award function, on Tuesday, Goyal informed that 14.2 lakh trademark registrations were done in 4 years (2016-2020) in comparison to 11 lakh during 75 years (1940-2015).

The Minister said that today, technology and ideas are the twin engines of growth while Intellectual Property Rights (IPR) is the fuel that powers them.

Goyal stressed on the need to bring an Intellectual Property revolution for inclusive progress in the nation and strengthening Intellectual Property Rights laws. He said it will boost job creation, quality, competitiveness and manufacturing.

''Intellectual Property has the power and potential to change lives and create livelihoods for billions,'' he added.

The Minister said that powered by Intellectual Property, India can be the "Innovation Powerhouse" of the world.

He further added that Intellectual Property Rights actually translates into India’s progress in real-time and extends Intellectual Property Right to India’s Prosperity Right.