Innovation is key to India`s march towards Viksit Bharat: Piyush Goyal
Calling for AI and data analytics in trademark searches, Union Minister of Commerce & Industry, Piyush Goyal has said that innovation is the key to India's march towards Viksit Bharat. During the National Intellectual Property Awards 2024, Goyal also highlighted the government’s commitment to strengthening India’s intellectual property (IP) ecosystem through legislative changes, administrative reforms, and new initiatives aimed at fostering innovation and research.
Highlighting the significance of research and development (R&D), Goyal stressed that no country can claim to be developed without focusing on innovation, new ideas, and technology-driven progress. Besides, he said ‘In our Amrit Kaal, as we work towards making India a resilient economy, R&D will play a crucial role. We are moving towards becoming a powerhouse of new technologies and ideas.’
The Minister also highlighted key achievements and reforms in India’s IP landscape. He said India’s ranking in the Global Innovation Index has improved significantly, from 81 in 2015 to 39 in the latest ranking. India now has the sixth-largest trademark filings globally, with patent grants reaching approximately 100,000 last year. There has been a reduction of fees by 80% for women entrepreneurs, startups, and MSMEs to encourage greater participation in the IP ecosystem.
Further, Goyal noted that the government has implemented digital interventions to streamline trademark applications and patent processes. The recruitment of approximately 400 new patent examiners currently undergoing training will expedite patent processing and ensure speedy grant and protection of inventions. The inauguration of a state-of-the-art IP office building in Dwarka, accommodating over 750 officers, will enhance operational efficiency.
