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HomeBusinessIndia records 572% growth in grant of Patents in last 7 years

India records 572% growth in grant of Patents in last 7 years

18 August 2021: Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles Piyush Goyal conferred the National Intellectual Property Awards 2020 to the winners at a recent event. While addressing the award function, Goyal congratulated all the winners & hoped that they would continue to do such exemplary work in future also. He said that these awards were truly inclusive with contributions from varied sectors i.e. from Academia to Start-ups.

Goyal said that IP has the power & potential to change lives and create livelihoods for billions. He said that today we recognise IP as one of the most valuable assets in India’s ability to compete in global economy. He said, our IP Rights must ensure whoever invents in India is not only protected but guaranteed to prosper. A strong IPR regime will empower the expansion and energize the industry in challenging times.

He said one major initiative in this direction has been – National IPR Policy for “Creative India, Innovative India”.

Addressing the event, Goyal said the key achievements include:
# Granting of 28,391 patents in 2020-21 as compared to 4,227 grants during 2013-14 (572%) growth.
# Reduction in Time of patent examination from 72 months in Dec 2016 to 12-24 months in Dec 2020.
# 14.2 lakh trademark registration in 4 year (2016-20) in comparison to 11 lakh during 75 year (1940-2015).

Goyal further said we have improved India’s ranking in Global Innovation Index to 48th in 2020, (+33 ranks from 81st in 2015-16). Now, we must all work in a mission mode to achieve the ambitious target of being in the top 25 nations of Global Innovation Index.

In his concluding remarks, the Minister said that from Cars to Computers & from Sewing Machines to Spaceships, we must encourage all to design a better future for humanity. He said that we all need to contribute ideas in order to make our IP regime more proficient.

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