Number of patents granted cross one lakh in FY 23-24

The Economic Survey 2023-24, presented today by Union Minister of Finance and Corporate Affairs, Ms. Nirmala Sitharaman, underscores the robust growth in patents and start-ups, reflecting a knowledge and innovation-driven economic expansion in India. The Survey highlights significant advancements in industrial research and development, with India improving consistently in the Global Innovation Index and leading globally in the domestic market scale indicator. Patents granted have surged seventeen-fold from 5,978 in 2014-15 to 1,03,057 in 2023-24, and registered designs increased from 7,147 to 30,672 over the same period. The government plans to establish the Anusandhan National Research Foundation (ANRF) with an estimated cost of US$ 5.98 billion (Rs. 50,000 crore) between 2023 and 2028, providing high-level strategic direction for scientific research in the Indian industry.

The survey also highlights the dynamic start-up ecosystem in India, noting that over 45% of start-ups originated from Tier 2 and Tier 3 cities. DPIIT-recognised start-ups rose to over 1.25 lakh by March 2024, up from just 300 in 2016. More than 13,000 start-ups are engaged in artificial intelligence, the Internet of Things, robotics, and nanotechnology, with over 12,000 patent applications filed from 2016 to March 2024. Additionally, 135 Alternative Investment Funds have invested over US$ 2.15 billion (Rs. 18,000 crore) in start-ups by the end of FY24. The Bharat Startup Knowledge Access Registry facilitates collaboration among various stakeholders in the start-up ecosystem.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.