India Grants Over 100,000 Patents in FY24

ENA Sectors 2024-08-01 14:35:32 New Delhi, Aug 1 (KNN) In a landmark achievement for India's intellectual property landscape, the Patent Office has granted a record-breaking 1,03,057 patents in the fiscal year 2024, according to information presented to Parliament on Tuesday. This unprecedented surge in patent approvals underscores the government's commitment to fostering innovation and modernizing the industry. Union Minister of State for Commerce and Industry, Jitin Prasada, highlighted the government's multi-pronged approach to bolster the country's Intellectual Property Rights (IPR) ecosystem. A key initiative has been the implementation of fee concessions for patent applications, which has led to a significant uptick in filings from startups, MSMEs, and educational institutions. The government's efforts extend beyond patents, with substantial fee reductions also applied to design and trademark applications. Startups and MSMEs enjoy a 75 per cent concession on design application fees at every stage of the process, while trademark application filing fees have been slashed by 50 per cent for these entities. In a bid to raise awareness and cultivate a culture of intellectual property protection, the government launched the National Intellectual Property Awareness Mission (NIPAM) in December 2021. This initiative aims to provide IP awareness and basic training across educational institutions nationwide. Minister Prasada reported that over 2 million individuals have received training on IPRs to date, marking a significant milestone in the mission's progress. The Scheme for Facilitating Start-Ups Intellectual Property Protection (SIPP), introduced in 2016, has been another cornerstone of the government's IPR strategy. This program offers startups pro bono facilitation by empaneled IP experts, with the government covering the facilitation fees. The scheme has resulted in a notable increase in IP applications from startups, further fuelling the country's innovation ecosystem. The government's efforts have also extended to geographical indications (GI), with the Office of Geographical Indications Registry registering a total of 643 GI applications as of June 23, 2024. This development highlights the growing recognition and protection of India's diverse regional products and traditional knowledge. As India continues to position itself as a global innovation hub, these initiatives and record-breaking patent grants demonstrate the country's commitment to creating a robust and supportive environment for intellectual property development and protection. The surge in patent approvals not only reflects the increasing innovative capacity of Indian enterprises and institutions but also signals a promising future for the country's technological and economic growth. (KNN Bureau) 38822 https://knnindia.co.in/news/newsdetails/sectors/india-grants-over-100000-patents-in-fy24 2024-08-01 14:35:32 knnindia.co.in India Grants Over 100,000 Patents in FY24