Business News | Indian Patent Office Grants Record 1 Lakh Patents in Past Year
Get latest articles and stories on Business at LatestLY. The Patent office granted over one lakh patents in the last one year. Every working day, 250 patents were granted, the ministry said.
New Delhi [India], March 16 (ANI): The Ministry of Commerce and Industry said on Saturday that the Patent Office has granted an unprecedented one lakh patents within a single year.
As per an official release, in the fiscal year 2023-24 alone, the Patent Office received an all-time high of 90,300 patent applications.
The Patent Office granted over one lakh patents in the last 1 year (15-Mar-2023 to 14-Mar-2024). Every working day, 250 patents were granted, the ministry said.
Alongside patent grants, there has been a notable surge in GI registrations, demonstrating a threefold increase compared to the previous year. Currently, India boasts 573 registered GIs, with 98 new registrations in the fiscal year 2023-24, according to the release.
Additionally, copyright registrations have reached a record-breaking 36,378, underscoring the vast potential within the creative sector.
In the realm of design, the fiscal year 2023-24 witnessed the highest number of registrations to date, totalling 27,819, alongside the final disposal of 30,450 applications.
Noteworthy initiatives such as Toycathon, jointly organized by J&K SCERT and the Indian IP Office, have facilitated the registration of 115 novel designs by J&K school students, according to the release.
The Trade Marks Registry has also redoubled its efforts to expedite trademark protection, committing to issuing examination reports within 30 days of receiving trademark applications.
In parallel, the National Intellectual Property Academy (NIPAM) has played a pivotal role in raising IP awareness, offering training to 24 lakh youths, particularly students and teachers, across over 7,000 institutions in the last two years.
The announcement coincided with the official notification of the Patent Rules, 2024, which introduces several provisions aimed at simplifying the patent prosecution and maintenance processes.
These rules are poised to streamline the acquisition and management of patents, thereby nurturing an environment conducive to innovation and economic growth.
Notable features of the revamped rules include provisions for acknowledging inventors' contributions through a new 'Certificate of Inventorship' and reducing the time limit for filing examination requests to accommodate the fast pace of technological advancements, read the press release.
Highlighting the significance of these developments, government officials emphasized their commitment to enhancing the IP ecosystem and administration in the country.
The Ministry of Commerce and Industry is dedicated to creating an environment that fosters innovation and economic development through robust IP protection mechanisms.
The surge in patent grants reflects India's emergence as a hub for technological innovation, with one technology seeking IP protection every six minutes. (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)