RT team
In a striking advancement over the past decade, India has ramped up its patent issuance to an impressive 100,000 in 2024, up from just 6,000 ten years prior, as announced by Union Minister of Commerce and Industry, Piyush Goyal, at an outreach event in Hyderabad. This growth reflects the government’s efforts to streamline processes and enhance the efficiency of the Intellectual Property Rights (IPR) office.
Minister Goyal emphasized the government’s dedication to fostering a corruption-free environment, asserting that steps are being taken to reduce the need for physical visits to government offices, with processes moving online to facilitate easier access and resolution of issues. This move aligns with Prime Minister Modi’s vision of a transparent and efficient governance system.
Furthermore, the scope of ‘Invest India’, the National Investment Promotion and Facilitation Agency, is being expanded. Initially set up to support foreign investments, its role is now broadening to include aiding domestic industries and trades, allowing more comprehensive utilization of its services by local entrepreneurs.
The Minister encouraged stakeholders to actively engage with ‘Invest India’ to address various trade issues, whether related to exports, imports, or domestic investments. This collaborative approach aims to create a bridge between government entities and the business community, simplifying trade and investment activities.
Additionally, the Directorate General of Foreign Trade (DGFT) is transitioning its operations online, transforming its offices into centers for trade and investment promotion to ensure smoother transaction processing and enhanced service delivery.
