India's Intellectual Property Landscape: Record Patent Grants and GI Registrations Signal Strengthened Ecosystem
Over 100,000 patents granted:
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The Indian patent office has reported a significant increase in patent grants over the past year, reflecting the government's efforts to enhance the country's intellectual property rights (IPR) landscape. According to an official statement released recently, more than 100,000 patents were granted in the last year, indicating a strengthened IPR ecosystem.
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The Ministry of Commerce and Industry emphasized the significance of these developments, noting that an IP application is submitted every six minutes in India. In 2023, a record-breaking 90,300 patent applications were received, leading to the granting of over 100,000 patents in the following year.
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Surge in GI, Copyright and Design Registration: ?
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Additionally, there has been a remarkable surge in Geographical Indication (GI) registrations, with a threefold increase compared to the previous year. Presently, India boasts 573 registered GIs, and in the fiscal year 2023-24, 98 new GIs were registered, with another 62 expected to be registered by March 31 this year.
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The statement further highlights the substantial numbers of copyright and design registrations for the current fiscal year, standing at 36,378 and 27,819 respectively.
?Source: https://ipindia.gov.in/writereaddata/Portal/IPOAnnualReport/1_114_1_ANNUAL_REPORT_202223_English.pdf
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IPO and the State Bank of India report:
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India has made remarkable strides in innovation, with the Indian Patent Office (IPO) achieving a significant milestone in 2023 by granting over 75,000 patents in the fiscal year, setting a new record. A collaboration between the IPO and the State Bank of India (SBI) revealed a remarkable 17% surge in patent filings, exceeding 90,000 in 2023.
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Notably, there has been a focus on fostering a robust intellectual property (IP) rights ecosystem, resulting in a 15-month reduction in patent pendency.
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Source: Source: SBI Research and Indian Patent Office report, 24 January 2024?
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Filings by Indian residents on the rise:
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The proportion of patent filings by Indian residents has increased, driven by educational and scientific institutions like IIT Madras, which doubled its patents granted. Patents have been concentrated in fields such as computer engineering and biotechnology, highlighting India's advancements in technology. Streamlining IP processes and initiatives like the Jan Vishwas Bill aim to promote ease of doing business and foster innovation. This surge in patents underscores India's commitment to nurturing an ecosystem conducive to creativity and economic growth, solidifying its position as a global leader in innovation.
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Patent (Amendment) Rules, 2024:
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Furthermore, the ministry announced the notification of the Patent Rules, 2024, which introduce various provisions aimed at simplifying the patent acquisition and management process. Notable among these provisions is the introduction of a new 'Certificate of Inventorship' to acknowledge inventors' contributions to patented inventions.
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In a move to adapt to the rapid pace of technological advancements, the time limit for filing examination requests has been reduced from 48 months to 31 months from the priority or filing date. Moreover, the renewal fee has been reduced by 10% for payments made electronically in advance for a minimum of four years.
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Overall, these initiatives signify the Indian government's commitment to fostering an environment conducive to innovation and creativity, providing greater support and recognition for inventors and creators in the country.
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