India has posted 572 per cent growth in grant of Patents in the last 7 years with 28,391 patents granted in 2020-21 as compared to 4,227 grants in 2013-14, Union Minister for Commerce and Industry Piyush Goyal said on Tuesday. Speaking at an award function, Goyal noted that 14.2 lakh trademark registrations were done in 4 years (2016-2020) in comparison to 11 lakh during 75 years (1940-2015). The Minister said that today, technology and ideas are the twin engines of growth while IPR (intellectual property rights) is the fuel that powers them. He said there is a need to bring an IP revolution for inclusive progress in the nation and strengthen IPR laws. He said it will boost job creation, quality, competitiveness & manufacturing. The Minister said that powered by Intellectual Property, India can be the “Innovation Powerhouse” of the world. He further said that Intellectual Property Rights actually translates into India’s progress in real-time and extends Intellectual Property Right to India’s Prosperity Right.
