Indian Economy News

Innovation is key to India’s future: Union Minister of Commerce & Industry, Mr. Piyush Goyal, at National Intellectual Property Awards 2024

Union Minister of Commerce & Industry, Mr. Piyush Goyal, highlighted the importance of innovation in India's journey towards becoming a developed nation at the National Intellectual Property (IP) Awards 2024. These awards at Bharat Mandapam, New Delhi, recognise excellence in IP creation and commercialisation, strengthening India's IP ecosystem. Mr. Piyush Goyal emphasised the government's commitment to advancing intellectual property rights through legislative changes, administrative reforms, and technological interventions. He stressed the need for artificial intelligence (AI) and data analytics in trademark searches, stronger copyright protection, and the establishment of specialised IP benches in High Courts. He also announced that the Anusandhan National Research Foundation (NRF) will promote scientific research and public-private-academic collaboration. 

India has significantly progressed in IP rankings, climbing from 81st in 2015 to 39th in the Global Innovation Index. The country now ranks sixth globally in trademark filings, with approximately 1,00,000 patent grants last year. The government has reduced IP fees by 80% for women entrepreneurs, startups, and micro, small & medium enterprises (MSMEs) to encourage wider participation. Digital initiatives have streamlined trademark and patent processes while recruiting 400 new patent examiners to expedite application reviews. The newly inaugurated IP office in Dwarka, Gujarat, housing over 750 officers, will enhance operational efficiency. He praised grassroots innovation efforts such as Atal Tinkering Labs and reiterated India's focus on inclusive scientific progress. The National IP Awards 2024, presented across 13 categories, recognised outstanding contributions from individuals, academic institutions, startups, and corporations, further strengthening India's position as a global innovation leader. 

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