Indian patent office grants 1 lakh patents in last one year

Intellectual Property Right: In a boost to the Intellectual Property (IP) ecosystem, the Indian patent office has granted more than one lakh patents during the past one year, as per an official statement. “The Patent Rules, 2024 has been officially notified, marking a significant milestone in the journey towards fostering innovation and economic development,” said the statement.

As per the statement, there has been a notable surge in registrations of Geographical Indication (GI), showcasing a threefold increase compared to the previous year. Notably, several handmade products and farm yields in India have secured GI registrations on a fast-track mode during the last few years. There are 573 GIs presently registered in India.

As per the official statement, the rules notified for IP introduce several provisions aimed at simplifying the process of obtaining and managing patents, thereby facilitating a conducive environment for inventors and creators. 
The boost to innovation is aimed at accelerating the economic development of the nation through science and technology to fulfill the Viksit Bharat Sankalp.

“The Government is committed to enhancing the IP ecosystem and administration in the country. Every six minutes one technology is seeking IP protection in India. In 2023, an all-time high of 90,300 patent applications were received,” said the statement. “Patent office granted over one lakh Patents in the last one year from March 15, 2023 to March 14, 2024). Every working day, 250 patents were granted,” the statement added.

Geographical Indications

There has been a notable surge in Geographical Indication (GI) registrations, demonstrating a threefold increase compared to the previous year. At present , 573 GIs are registered in India. In 2023-24, 98 new GIs have been registered and another 62 will be registered by 31st March 2024. In addition, 11621 authorized users are registered, and an additional 2575 users will be registered by 31st March 2024.

As per the statement, the fiscal year 2023-24 witnessed a record-breaking number of copyright registrations, totalling 36,378, thus highlighting the vast potential within the creative sector. “There are measures to further promote awareness about the strategic role of copyright in the creative industry,” said the statement.