Today, I would like to present you about the record patent rights issued by the Indian Government in the financial year 2023-24 when compared to 2014.
What is meant by patent Rights?
A type of intellectual property (IP) known as a patent gives the owner of the invention temporary exclusivity. Thus, the owner is the only one with the authority to:
Make, use, sell, import, or offer for sale the patented invention. Prevent others from doing any of the above without their permission.
Q) What is the reason behind highest number of patents granted so far in 2023-24 in india when compared to 2014?
A) There are several reasons for this, but we are here to discuss on some of the effective methodologies followed:
Policy Initiatives:
Startup India initiative:
It was launched in 2016, it offers startups a number of advantages, such as financial support and facilitation of intellectual property (IP). Startups are now encouraged to invest in innovation and pursue patent protection as a result.
Focus on Innovation and R&D:
In India, R&D and innovation have become increasingly important in a number of industries,
including manufacturing, IT, and pharmaceuticals. As a result, more money has been invested and patentable inventions have been produced.
Awareness Programs:
The government and various organizations have undertaken initiatives to raise awareness about the importance of IP protection and the benefits of patents. This has led to increased understanding and utilization of the patent system.
Faster Patent Granting System:
The government has enacted a number of reforms to expedite the process of granting patents,
thereby cutting processing times and pendency. This has prompted the filing and granting of more applications.
Economic Factors:
Growing Indian Economy:
India’s economy has been expanding steadily in recent years, which has created an environment that is conducive to innovation and entrepreneurship. This has led to a rise in investments in new
businesses and technologies that are more likely to produce patentable inventions.
Rise in Foreign Investment:
India has grown in appeal as a location for foreign investment, especially in the manufacturing and technology sectors. New ideas and technology have resulted in an increase in patent applications.
Postings:
Conclusion:
Hereby, I would like to conclude that India has been seeing a progressive growth in issuing patent rights to a greater number of citizens due to various factors. Below is the figure that says true.