Drastic Increase in Patent Issuance in India

The Intellectual Property Rights (IPR) office in India has seen a remarkable surge in the number of patents awarded over the past decade. According to Union Minister of Commerce and Industry Piyush Goyal, while only 6,000 patents were granted ten years ago, the number skyrocketed to one lakh (100,000) last year.

Speaking at an outreach program with industry executives and stakeholders in Hyderabad, Goyal underscored the government's unwavering commitment to fostering innovation. He highlighted the significant growth in India's patenting activity, attributing this to the government’s initiatives to streamline processes and promote innovation. This commitment is a beacon of hope for the future of India's intellectual property rights.

"In the past ten years, we have seen a dramatic increase in the number of patents awarded annually in India," said Goyal. "A decade ago, the figure stood at a mere 6,000. Last year, we awarded almost one lakh patents. This transformation showcases our commitment to fostering innovation and supporting intellectual property rights."

The minister underscored Prime Minister Narendra Modi’s unwavering commitment to making India corruption-free. He emphasized the government's efforts to digitize services to eliminate the need for physical visits to government offices. This commitment is a reassurance to all stakeholders of the government's relentless efforts to ensure a corruption-free India.

During the program, Goyal also outlined the new direction for ‘Invest India’, the National Investment Promotion and Facilitation Agency. The agency, which traditionally supported foreign investors, will now expand its mandate to include domestic trade and industry. This expansion is a testament to the government's recognition of the importance of domestic trade and industry, making all stakeholders feel included and valued.

Invest India plays a critical role in helping investors explore opportunities and investment possibilities in India. Goyal urged stakeholders to provide suggestions on collaborating with Invest India on issues related to commerce, imports, exports, and land investments in India. "If everyone adopts this strategy of involvement, it will essentially serve as a conduit for all matters about trade and investment between businesses, state and federal governments, and businesspeople," he added.

Additionally, Goyal announced plans to digitise operations at the Directorate General of Foreign Trade (DGFT) offices to facilitate smoother trade processes. "All work at the DGFT office will be done online to facilitate and clear commerce more smoothly. Nearly all DGFT offices in the nation are being transformed into trade and investment promotion offices. Additionally, DGFT will be moving all of its processes online," he stated.