Domestic patent filing crosses global numbers for the first time in 11 years : Rashtra News
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For the first time in 11 years, the number of patent filings by domestic players exceeded that by international firms in India in the March quarter, reflecting an improvement in innovation by local firms and their growing realisation of the importance of applying for patents.
According to the data compiled by the commerce and industry ministry, of the 19,796 patent applications filed in the March quarter, 10,706 were by Indian applicants and 9,090 by non-Indian applicants.The filing of patents has risen substantially from 42,763 in FY15 to 66,440 in FY22, having recorded an over 50% rise during this period. The grant of patents, which was a key issue with companies earlier, has jumped almost five times since FY15—from 5,978 to 30,074 in FY22.
The time of patent examination has been reduced to 5-23 months now, depending on technological areas, from about 72 months in December 2016, showed the data by the department for the promotion of industry and internal trade (DPIIT).Mirroring this change, India’s ranking in the Global Innovation Index has improved to 46th in 2021 from 81st in 2015.
Commerce and industry minister Piyush Goyal had earlier asked the DPIIT to enhance focus on further bolstering the intellectual property rights regime in India by resorting to innovative methods and reducing compliance burden. To expedite the process of examining patent applications, the DPIIT has substantially raised the number of examiners. Goyal has set an ambitious target for India to break into the club of the top 25 nations in the Global Innovation Index. To strengthen the IP regime, the DPIIT is offering concessions in fees (10% rebate on online filing and 80% concession for Start-ups, small entities and educational institutions). It has also expedited the examination of patents filed by start-ups and MSMEs.
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( News Source :Except for the headline, this story has not been edited by Rashtra News staff and is published from a www.financialexpress.com feed.)
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