India scored a milestone as the Indian Patent Office granted a staggering 41,010 patents during the fiscal year 2023 to 2024. This milestone, as of November 15, 2023, represents the highest number of patents ever awarded in India.
Patents granted were 4,227 for FY 2013 to 2014, climbing to 28,385 for FY 2021 to 2022. It leapt further to 34,153 for FY 2022 to 2023.
“The surge in granted patents in the current fiscal year is incredibly encouraging and indicative of a robust innovation ecosystem within the country. It showcases a growing recognition of the importance of intellectual property rights and innovation, fostering an environment that nurtures and rewards creativity and technological advancement,” said Manisha Singh, founder and managing partner at LexOrbis in New Delhi.
She added: “It underlines India’s commitment to fostering a culture of innovation, which undoubtedly fuels economic growth, attracts investment and positions the country at the forefront of global innovation.”
India also played a key role in the increase of patent filings worldwide in 2022, from 3.40 million in 2021 to 3.46 million the year after. According to the latest World Intellectual Property Indicators Report, India recorded an increase of 31.6 percent in the number of applications filed by residents from 2021 to 2022, contributing to the global rise in patent applications.
First Published By: Asia IP Here