Business News | India Among Top 10 Countries in Patents, Trademarks, and Industrial Designs: WIPO 2024 Report
Get latest articles and stories on Business at LatestLY. India recorded the fastest growth in patent (+15.7 per cent) applications in 2023, leading among the top 20 countries, marking the fifth consecutive year of double-digit growth, as per the World Intellectual Property Indicators (WIPI) 2024 report.
New Delhi [India], November 12 (ANI): India recorded the fastest growth in patent (+15.7 per cent) applications in 2023, leading among the top 20 countries, marking the fifth consecutive year of double-digit growth, as per the World Intellectual Property Indicators (WIPI) 2024 report.
India ranks sixth globally for patents with 64,480 applications, with resident filings accounting for over half of all submissions (55.2 per cent)--a first for the country.
The patent office also granted 149.4 per cent more patents in 2023 compared to the previous year, underlining the country's fast-evolving IP ecosystem.
The World Intellectual Property Organization (WIPO) has published the World Intellectual Property Indicators (WIPI) 2024, underscoring global trends in intellectual property (IP) filings. The report reveals significant growth in patent, trademark, and industrial design applications across top economies.
Also Read | PM Narendra Modi To Visit Nigeria, Brazil and Guyana From November 16-21, Says MEA.
India has secured a spot in the global top 10 for all three major intellectual property (IP) rights--patents, trademarks, and industrial designs. India continues to solidify its place as a global leader in the intellectual property (IP) landscape by showing substantial progress and marking new milestones in IP activity.
The report indicates a steady rise (36.4 per cent) in India's industrial design applications, which aligns with increasing emphasis on product design, manufacturing, and creative industries within India. The top three sectors--Textiles and Accessories, Tools and Machines, and Health and Cosmetics--made up almost half of all design filings.
Between 2018 and 2023, patent and industrial design applications more than doubled, while trademark filings increased by 60 per cent.
India ranked fourth globally in trademark filings, with a 6.1 per cent increase in 2023. Nearly 90 per cent of these filings were by residents, with key sectors including Health (21.9 per cent), Agriculture (15.3 per cent), and Clothing (12.8 per cent) leading the way.
India's trademark office holds the second-largest number of active registrations worldwide, with over 3.2 million trademarks in force. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)