Intellectual Property Rights – Fuel for Innovation in India

Technology & ideas are the twin engines of growth, Intellectual Property Rights (IPR) are the fuel that powers them. There is need to bring an IP revolution for Inclusive Progress in the nation and strengthening IPR laws. This will boost job creation, quality, competitiveness & manufacturing.

Powered by Intellectual Property, India can be the “Innovation Powerhouse” of the world. Intellectual Property Rights actually translates into India’s progress in real-time and extend Intellectual Property Right to India’s Prosperity Right. We must aim to make India the “Design hub of World”.

Just like geographical boundaries guard our country’s interests, Intellectual Property is the guardian of our country’s prospects. Intellectual property is the cornerstone of nation’s progress & showcases ingenuity of our youth. It is the key for success of Start-up India, Make in India & Design in India.

IP has the power & potential to change lives & create livelihoods for billions. Today  we recognise IP as one of the most valuable assets in India’s ability to compete in global economy. Our IP Rights must ensure whoever invents in India is not only protected but guaranteed to prosper. A  strong IPR regime will empower the expansion & energize the industry in challenging times.

One major initiative in this direction has been – National IPR Policy for “Creative India, Innovative India”.

Other key initiatives are Fee Concessions like 10% rebate on online filing, 80% fee concession for Start-ups & Small Entities. IPR filing procedures are now more compact, time-bound, user-friendly & compatible for e-transactions. Comprehensive e-Filing facility, Electronic processing of Patents & Trademarks applications, are bringing transparency & ease of access for those IPR seekers.

In the IP domain, key achievements by India include:

-Granting of 28,391 patents  in 2020-21 as compared to 4,227 grants during 2013-14 (572% growth.

-Reduction in Time of patent examination from 72 months in Dec 2016 to 12-24 months in Dec 2020

-14.2 lakh trademark registrations in 4 years (2016-2020) in comparison to 11 lakh during 75 years (1940-2015).

India’s ranking in Global Innovation Index has improved to to 48th in 2020, (+33 ranks from 81st in 2015-16). We must all work in a mission mode to achieve the ambitious target of being in the top 25 nations of Global Innovation Index.

From Cars to Computers & from Sewing Machines to Spaceships, we must encourage all to design a better future for humanity.

Source: PIB

Categories: Uncategorized

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