New Delhi: Prime Minister Narendra Modi recently lauded the achievement of the highest-ever number of patents granted during the fiscal year 2023-24. The commendation came in response to a post by Union Minister of Commerce and Industry, Piyush Goyal, who shared his thoughts on the remarkable accomplishment.
Prime Minister Modi expressed his appreciation on X (formerly Twitter), stating, “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.”
Minister Piyush Goyal, echoing the sentiment, said that a historic milestone has been reached with the highest number of patents ever granted in the fiscal year 2023-24.
This 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 witnessed a growth of 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, with the country filing 31.6% more applications in 2022.
The unprecedented number of patents granted reflects the nation’s increasing focus on research, development, and technological innovation. The government actively encourages and recognises contributions to the field, making this accomplishment a testament to India’s dedication to progress.
This achievement is anticipated to have a positive impact on India’s innovation landscape, contributing significantly to the growth of a knowledge-driven economy.
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