IN INDIA FILING OF PATENT IS INCREASING BY 50 PERCENT

IN INDIA FILING OF PATENT IS INCREASING BY 50 PERCENT

IN INDIA FILING OF PATENT IS INCREASING BY 50 PERCENT According to official data there were 66,440 patents filed in the year 2021-2022 as opposed to 42,763 during the previous year (2020-2021). This represents an increase of more than 50% patent filing over the previous 7 years; where according to Times of India’s report ISRO filed 1 patent in every 15 days in 2021-2022. Effect of Patents in Economic growth of India:- According to WIPO’s data (survey) represents that India’s GDP has been directly impacted by the patent applications (Invention) filed and granted over the last 10 years. In year 2011, there were only 15,914 granted patents and the GDP was at 5,501.13 USD ($). When the number of granted patents increased up to 18,250 then the GDP also increased to $5,801 in year 2012. Similarly when the number of patents reached up to 37,880 then the GDP also rose concurrently to $8,443.36. These surveys or data indicates that if a nation wishes to grow consistently over a long period of time, innovation is the only source of economic prosperity. The structure of the country's economy is defined by advances, particularly in current technological era. Additionally, the proliferation of new ideas necessitates the necessity for intellectual property rights (IPR), which is why they are significant. One of the best types of IP for achieving economic progress is a patent. And based on the information supplied, it can be concluded that India has come to understand the value of protecting and effectively implementing intellectual property. Only if the emphasis is placed on innovation, investment, and institutions can society be advanced. "The foundation of the country's economy is patents, which serve as a gauge of technological innovation. As a result, while discussing the development of a country, the terms economic growth and technological innovation go hand in hand." View of Union commerce and Industry Ministry on patents in economic growth:- According to Mr. Piyush Goyal (Union Minister of Commerce and Industry) responded to the development. The Department for Promotion of Industry and Internal Trade (DPIIT) and the IP (Intellectual property) office worked together to raise IP knowledge among research and development society. The minister claimed that these initiatives have reduced the backlog of patent applications at IP offices while simultaneously increasing the number of IPR (No. of Patent) filings. He claimed that the rise in patents would require for the further economic growth of the country and its people. “The rise in patents will help India to achieve its aspirational goal of ranking among the top 25 countries in the Global Innovation Index”. Conclusion:- One of the forms of intellectual property that promotes economic growth the most is a patent. It is also possible to conclude from the information supplied that India has come to understand the value of protecting and effectively implementing intellectual property. Society and Inventors can only be taken it to another level, when innovation, investment, and institutions are prioritized.

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