November 13, 2024
2 mins read

India Rises to Patent Powerhouse 

Patent.(photo:unsplash)

According to the report, the number of patents filed in India in 2023 was 64,480. The country’s growth rate in patent filing was 15.7 per cent compared to 2022…reports Asian Lite News 

India’s patents and industrial design filings for Intellectual Property rights doubled between 2018 and 2023, taking the country to the sixth rank, according to the latest World Intellectual Property Organisation’s (WIPO) annual report.  

For the first time, India was included in the top 10 countries of the world for three main intellectual property (IP) rights: patents, industrial design applications, and trademark applications. The patent filing in India has shown the fifth consecutive year of a double-digit growth rate.  

According to the WIPO report, the number of patents filed in India in 2023 was 64,480. The country’s growth rate in patent filing was 15.7 per cent compared to 2022.  

The report states that more than 35 lakh patents were filed worldwide in 2023 and this was the fourth successive year that global patent filing has shown positive growth.  

In 2023, the maximum patent filing was in China (1.64 million), followed by the United States of America (518,364), Japan (414,413), South Korea (287,954), Germany (133,053) and India (64,480).  

Asia remains the top spot for patents, accounting for 68.7 per cent, 66.7 per cent, and 69 per cent of global patent, trademark, and industrial design filing activity, respectively, in 2023.  

Intellectual Property Rights refer to the creation by human minds, which do not exist in nature. They include inventions, literary and artistic works, designs, symbols, names, and images used in commerce. Intellectual property Rights are protected by law to prevent their illegal use.  

Intellectual property rights include Patents, Copyright, Trademarks, Industrial Designs, Geographical Indications, and Trade Secrets.  

Patented stamp

Patents refer to the exclusive rights given to an invention by a human being, such as the discovery of medicine while copyright refers to creators’ rights to their literary and artistic works, such as songs, music, books, etc.  

A trademark is a legal term that distinguishes one company’s goods or services from those of others. It could be a symbol, design or name that the company uses on its products.  

An industrial design constitutes the ornamental or aesthetic aspect of mass-produced goods.  

The World Intellectual Property Organisation (WIPO) was established in 1967 as a United Nations’ agency. Based in Geneva in Switzerland, the organisation’s main function is to promote the protection of Intellectual Property rights worldwide.  

ALSO READ: Rampur Distillery Launches Rampur Barrel Blush Indian Single Malt Whisky

ALSO READ: Amul Set for European Market Debut  

Previous Story

‘Unrest’ among workers hurting Bangladesh’s garment industry 

Next Story

Jumpstart Your Trading Journey 

Latest from Business

RBI Holds Rates, Boosts Outlook

One of the most significant announcements was the upward revision of India’s GDP growth forecast for FY 2025–26—from 6.5% to 6.8% In a move reflecting cautious optimism, the Reserve Bank of India

Nykaa Expands Global Footprint with UK Debut

To commemorate this significant global debut, Nykaa’s leadership hosted an exclusive soiree at the George Club in Mayfair, London Nykaa, India’s leading beauty and lifestyle destination, is set to make a grand

Nothing’s CMF Goes Indian with $100M JV

Company has announced a $100 million joint venture with Indian electronics manufacturer Optiemus Infracom Limited….reports Asian Lite News Smartphone maker Nothing has spun off its budget sub-brand CMF into an independent subsidiary,

Airbnb Boosts India Economy

Among international guests, the largest inbound sources were the United States, United Kingdom, Canada, and Australia Hospitality giant Airbnb made a significant impact on India’s economy in 2024, contributing Rs 113 billion

Rupee, Markets Gain Amid Trade Optimism

Emerging market currencies, including the rupee, have gained support amid softening in the dollar. Reports suggesting that the US economy is on the verge of a recession have contributed to the greenback’s
Go toTop

Don't Miss

Pakistan thwarts India’s UNSC bid

Reports detail that Pakistan opposed India’s attempt to become UNSC

India advocates for sovereign, independent state of Palestine at UN

Kamboj highlighted that India has already delivered 70 tonnes of