Prime Minister Modi applauds record number of patents granted in 2023-24

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NEW DELHI: Prime Minister Narendra Modi has expressed appreciation for achieving the highest-ever number of patents granted during the fiscal year 2023-24.

In response to a post by Union Minister of Commerce and Industry, Piyush Goyal, the Prime Minister shared his thoughts on the accomplishment. PM Modi posted on X, “This is a notable feat, marking a milestone in our journey towards an innovation-driven knowledge economy. India’s youth will be great beneficiaries of such strides”.

The acknowledgement underlines the government’s commitment to fostering innovation and building a knowledge-driven economy.

Minister Piyush Goyal, sharing the achievement on the same platform, declared, “It’s a record Highest-ever number of patents granted so far in 2023-24. PM @NarendraModi ji’s vision of an innovation-led knowledge economy to drive growth is rapidly taking shape.” The emphasis on an innovation-led economy aligns with the government’s broader vision of leveraging intellectual property and fostering a culture of innovation and creativity.

According to the World Intellectual Property Indicators (WIPI) Report, patent applications by residents of India grew by 31.6% in 2022, extending an 11-year run of growth unmatched by any other country among the top 10 filers. The WIPI found a substantial rise in patent filings by residents of India. The majority of the top 20 origins filed a greater number of patent applications in 2022 than in 2021. The largest increases were in India, which filed 31.6% more application in 2022.

The record number of patents granted reflects the country’s growing focus on research, development, and technological innovation, with the government actively encouraging and recognizing contributions to the field.
This accomplishment is expected to have a positive impact on India’s innovation landscape and contribute to the growth of a knowledge-driven economy. (ANI)

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