Prime Minister Narendra Modi said on Wednesday that the rise in patent applications in India demonstrate the rising innovative zeal of its youths and is a very positive sign for the times to come.
He was reacting to a World Intellectual Property Organization report which said patent applications by residents of India grew by 31.6 per cent in 2022, extending an 11-year run of growth unmatched by any other country among the top 10 filers.
Global patenting activity soared to new records in 2022, fuelled by Indian and Chinese innovators and powered by increased levels of innovation, entrepreneurship and digitalisation in these countries.
While innovators from China continue to file nearly half of all global patent applications, the country’s growth rate dipped for a second consecutive year from 6.8 per cent in 2021 to 3.1 per cent in 2022, it said, while noting India’s growth.
PM Modi said on X, “The rise in patent applications in India demonstrate the rising innovative zeal of our youth and is a very positive sign for the times to come.”
The report further said, for the first time, there were more patents filed by Indian residents as against foreign filers, indicating at the country’s fast growing innovation ecosystem.
What is even more significant is that resident patent filings in India (filed with the Indian Patent Office) rose by 47% to 38,551 in 2022, and were half of the total filings of 77,068 filed with the Indian Patent Office. .
Innovators from around the world submitted 3.5 million patent applications in 2022, marking a third consecutive year of growth. Overall, China, the US, Japan, Republic of Korea and Germany were the countries, with the highest numbers of patent filings in 2022.