INTRODUCTION

An extraordinary accomplishment in the field of intellectual property rights (IPR) was recently reported by the Ministry of Commerce and Industry of India: The Patent Office issued an unprecedented one lakh patents in a single fiscal year. This achievement emphasizes the strong environment that supports innovation and technical growth as well as India's increasing innovative prowess. Let's examine this amazing accomplishment in more depth, as well as how it affects India's innovation environment.

Patent awards increased dramatically in the fiscal year 2023–2024. India exhibited an impressive thirst for invention, as seen by the Patent Office's record-breaking 90,300 patent applications. Remarkably, the number of patents awarded every working day averaged 250, demonstrating the effectiveness and timeliness of the patenting procedure. Every 6 minutes one technology is seeking IP protection in India.

In addition to patent awards, there has been a significant increase in GI registrations a threefold rise over the prior year alongside this trend. As to the announcement, India has 573 registered GIs at present, with 98 additional registrations in the fiscal year 2023-24. In addition, the number of copyright registrations has broken all previous records at 36,378; this highlights the enormous potential in the creative industry. With 27,819 registrations and 30,450 applications finally disposed of, the fiscal year 2023–2024 saw the greatest number of registrations in the field of design to date.

The press release states that noteworthy programs like Toycathon, which was co-hosted by J&K SCERT and the Indian IP Office, have made it easier for 115 creative designs created by J&K students to be registered.

In an additional attempt to speed up trademark protection, the Trade Marks Registry has committed to providing examination reports within 30 days after receiving trademark applications. Simultaneously, the National Intellectual Property Academy (NIPAM) has been instrumental in increasing awareness of intellectual property rights by providing training to 24 lakh youths—mostly students and teachers—across more than 7,000 institutions throughout the last two years.

India had a notable increase in patent filings, with an annual growth rate of 24.6% in FY2023, mirroring global trends. India's changing technological environment was heralded by Deep Tech startups leading the push, especially in artificial intelligence, internet of things (IoT), and neurotechnology.

Healthcare-related patents ranked highest among the application categories, with automation/software development and retail/e-commerce coming in second and third. With patent applications in the fields of predictive modelling, natural language processing, and image processing, artificial intelligence has become a major topic of interest.

CONCLUSION

India's fiscal year 2023–24 saw record-breaking patent awards, which indicate a paradigm change in the country's innovation environment. The increase in IP applications is indicative of India's rising innovative capabilities and emphasizes the necessity of ongoing cooperation and assistance from important players to increase domestic patent activity. India is positioned to become a worldwide centre for innovation and technological growth as it fortifies its intellectual property laws and cultivates an innovative culture.

Author : H.N.Mallika, in case of any query, contact us at Global Patent Filing or write back us via email at support@globalpatentfiling.com.

REFERENCES

1. https://pib.gov.in/PressReleasePage.aspx?PRID=2015234

2. https://www.thehindu.com/business/india-sees-83000-patents-being-filed-a-growth-of-246/article68111641.ece