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Union Minister of Commerce & Industry Piyush Goyal, on Monday, called for making India's IP approval system among the top five globally in speed, transparency and efficiency. While emphasising the need to strengthen the innovation ecosystem, the Minister highlighted the importance of encouraging wider participation from startups, MSMEs, women, and youth.
According to a Ministry of Commerce & Industry release, the government aims to create a faster disposal mechanism for intellectual property applications to allow innovators to bring their ideas to market quickly. Addressing the National IP Awards & IP Conference in New Delhi, Goyal said that faster and more efficient disposal of applications related to trademarks, patents, copyrights, designs and Geographical Indications (GI) would help promote a strong culture of innovation. He noted that the awards recognise the valuable contributions of scientists, innovators, technocrats, MSMEs, entrepreneurs, agricultural institutes and IITs who are playing a key role in shaping India's innovation-driven growth. The Minister stated that the awardees represent the spirit of "New India" which embraces technology and seeks to remain at the cutting edge of global innovation. The Minister stressed the importance of nurturing curiosity and the spirit of inquiry among children from a young age to build a culture of innovation. He referred to the government initiative to establish 50,000 new innovation labs in schools as a step toward fostering creativity and problem-solving among students. Goyal urged professionals and industry stakeholders to engage with their educational institutions as alumni to help students understand the value of entrepreneurship. Highlighting the role of women in the sector, Goyal pointed out that patent filings by women increased by 345 times over the past 12 years. He emphasised that the participation of youth and women is critical in ensuring technological advancement and improving quality of life for citizens. The Minister noted that India's talent pool and large number of STEM graduates will significantly contribute to making the country's intellectual property ecosystem among the best in the world. Regarding global benchmarks, the Minister noted that India improved its position in the Global Innovation Index from 81st in 2015 to 38th currently. He said that patent filings in India grew by nearly 215 per cent in the last decade, with the global ranking improving from 14th to 6th. Goyal appreciates the efforts of the Controller General of Patents, Designs and Trade Marks for working to align the system with international standards and clearing the backlog of applications. To further support the ecosystem, the Minister suggested that an 80 per cent fee reduction be extended for women entrepreneurs, startup innovators and micro and small enterprises for filings to make the system more affordable. He also proposed exploring fast-track mechanisms to support these applicants. Goyal reiterated that the path forward lies in the vision to "Innovate, Patent, Produce and Prosper." (ANI)
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