April 13, 2022
The awareness about IP has seen drastic improvement due to consistent efforts by the Industry and the Intellectual property departments.
Patent examination time has reduced to 5-23 months from the erstwhile 72 months in FY16.
The number of patent filings over the last seven years increased by almost 50%.
Measures such as these will take India closer to its goal of being amongst the top 25 nations in the Global Innovation Index.
The total number of domestic patent applications exceeded the international patent filings from January to March 2022 for the first time since 2011, as stated by the Commerce and the Industry Ministry.
Out of the total 19,796 patent applications that were filed in, 10,706 patents were from Indian applicants. consistent efforts by the Industry department and the intellectual property office (IP) have resulted in an improved awareness among the populace about IP rights, while also reducing the wait time between patents being filed and approved. Patent examination time has reduced to 5-23 months from the erstwhile 72 months in FY16. This will take India closer to its goal of being amongst the top 25 nations in the Global Innovation Index, stated Piyush Goyal, the Commerce and Industry Minister.
Over the past seven years, the number of patent filings has increased by almost 50% – from 42,763 in FY14-15 to 66,440 in FY21-22. Along with this, grant of patents saw an almost five-fold increase in FY21-22 as it reached 30,074 as compared to FY14-15.