Nurturing innovation in knowledge economy essential: Goyal

Nurturing innovation in knowledge economy essential: Goyal

Agency News

New Delhi, Sep 16 : Recognising the importance of nurturing innovation and creativity in a knowledge economy, India is taking great strides in strengthening its intellectual property ecosystem, said Commerce and Industry Minister Piyush Goyal on Monday.
Given the key role played by MSMEs in the economic growth of India, it is proposed to reduce the fees for various IPRs.

Draft Rules for amendment in GI Rules have been notified, according to Commerce and Industry statement.

National IPR Policy adopted by the Government in 2016 has paved the way to further strengthen the IPR regime in the country. Already, the concrete steps undertaken in the past five years have seen IP filings rise. Filing of IP applications saw an increase of 18 per cent in patents and 69 per cent in trademarks during 2013-14 and 2018-19.

Domestic filing for patents has increased from 22 per cent in 2013-14 to 34 per cent in 2018-19. Awareness programmes for IP are being conducted at schools, colleges, universities, R and D institutes and industry clusters. Multi-pronged strategies have been used to address the issue of pendency in IP applications, including manifold augmentation of manpower and streamlining of procedures. These strategies have paid rich dividends, and there has been a sharp jump in the disposal of IP applications.
Disposal of IPR applications saw an increase of 353 per cent in patents and 395 per cent jump of trademark from 2013-14 to 2018-19, the ministry said.(UNI)