New Delhi, Jan 27 (KNN) In a major stride towards fostering innovation, the Indian Patent Office has granted a "record" 75,000 patents in the past 10 months, showcasing India's burgeoning ability to innovate, according to Commerce and Industry Minister Piyush Goyal. 

The announcement was made by the minister during an interaction with innovators and entrepreneurs on the eve of the 75th Republic Day, reported ET.

Minister Goyal emphasised the government's commitment to facilitating business growth, stating that it is actively working to make it easier for businesses to operate by simplifying rules and procedures. 

As part of this effort, 40,000 compliances have been either eliminated or streamlined, alleviating the burden on entrepreneurs.

Addressing concerns about the criminalisation of business-related laws in India, Goyal highlighted the Jan Vishwas law as a pivotal step in reducing the legal complexities faced by businesses. 

The law aims to provide reassurance to people and businessmen, assuring them that the government trusts them. 

Goyal emphasised that minor mistakes would not lead to criminal consequences, fostering a more conducive environment for entrepreneurial activities.

The Ministry of Commerce and Industry has embarked on a comprehensive legislative reform agenda, focusing on modernising intellectual property (IP) laws and streamlining administrative processes related to patents, trademarks, and copyrights. 

These efforts signify a commitment to create an innovation-friendly ecosystem in the country.

The strides in patent grants and legislative reforms align with the broader vision of promoting entrepreneurship in India, reflecting positively on the nation's economic landscape.

(KNN Bureau)