In a notable feat, marking a milestone in our journey towards an innovation-driven knowledge economy, Indian patent office has granted "highest" number of 41,010 patents till November 15 this fiscal year.
In 2013-14 fiscal year, 4,227 patents were granted.
On this, Prime Minister Narendra Modi said this is a "notable feat" and it marks a milestone in India's journey towards an innovation-driven knowledge economy.
"India's youth will be great beneficiaries of such strides," he said.The prime minister recently stated that the rise in patent applications in India demonstrates the rising innovative zeal of its youth and is a very positive sign for the times to come.
According to the World Intellectual Property Indicators (WIPI) Report patent applications by residents of India grew by 31.6 per cent in 2022, extending an 11-year run of growth unmatched by any other country among the top 10 filers.The WIPI found a substantial rise in patent filings by residents of India.
The majority of the top 20 origins filed a greater number of patent applications in 2022 than in 2021. The largest increases were in India, which filed 31.6 per cent more application in 2022.The record number of patents granted reflects the country’s growing focus on research, development, and technological innovation, with the government actively encouraging and recognizing contributions to the field.
This accomplishment is expected to have a positive impact on India’s innovation landscape and contribute to the growth of a knowledge-driven economy.