RT team
In a significant boost to the intellectual property landscape, the Indian Patent Office has issued over 100,000 patents in the last year, a milestone achieved through governmental efforts to enhance the intellectual property rights framework, according to an official release on Saturday.
The report highlighted a remarkable increase in Geographical Indication (GI) registrations, with a threefold growth over the prior year, bringing the total to 573 GIs registered within India. The fiscal year 2023-24 saw 98 new GIs added, with an additional 62 expected by the end of March.
Copyright and design registrations have also seen substantial growth, with totals reaching 36,378 and 27,819, respectively, this fiscal year.
The statement from the commerce and industry ministry noted, “India witnesses a new technology seeking IP protection every 6 minutes, with an unprecedented 90,300 patent applications filed in 2023. From March 15, 2023, to March 14, 2024, the patent office granted a record-breaking 100,000 patents, averaging 250 patents each business day.”
With the announcement of the Patent Rules, 2024, the ministry introduced reforms aimed at simplifying the patent acquisition and management processes. Innovations include the ‘Certificate of Inventorship’ to honor inventors’ contributions and revised timelines for filing foreign application details and examination requests to accelerate the patent process.
Moreover, a 10% discount on renewal fees for payments made electronically four years in advance reflects the ministry’s commitment to fostering a supportive environment for innovation and creativity.
