In a significant development, Commerce and Industry Minister Piyush Goyal announced that the Indian patent office has achieved an unprecedented milestone by granting a record-breaking 41,010 patents in the current fiscal year, up until November 15. This remarkable figure starkly contrasts with the 2013-14 fiscal year when only 4,227 patents were granted.
Piyush Goyal’s Announcement
Minister Piyush Goyal took to the social media platform X to share the news, emphasizing the historical significance of this achievement. He hailed the accomplishment as the “highest ever number of patents granted so far in 2023-24,” highlighting the remarkable progress India has made in fostering innovation.
Prime Minister Narendra Modi’s Recognition
Prime Minister Narendra Modi lauded this achievement as a “notable feat” and a crucial milestone in India’s trajectory towards becoming an innovation-driven knowledge economy. He expressed optimism about the positive impact on India’s youth, stating that they would be great beneficiaries of such advancements.
Rising Patent Applications: A Positive Sign
PM Modi recently pointed out that the surge in patent applications in India is indicative of the increasing innovative spirit among the country’s youth. He sees this trend as a positive sign for the future. According to a report by the World Intellectual Property Organization, Indian patent applications witnessed a remarkable growth of 31.6% in 2022, extending an 11-year streak of growth unparalleled by any other country among the top 10 filers.