FM: 28,000 patents granted last year; will have a strong ripple effect on the economy

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The country is at a stage where growth and development focus need to be strengthened from all sides, with intellectual property rights (IPRs) playing an important role, said Finance Minister Nirmala Sitharaman.

Addressing the “National Seminar on Arbitration in IPR Disputes in India” organized by the Delhi High Court – in the presence of Chief Justice of India NV Ramana and other judges – she said that 28,000 patents had been granted in 2021 compared to 4,000 in 2013-2014 and the last year also saw the registration of 2.5 lakh trademarks and over 16,000 copyrights which will have a “ very strong ripple effect” on the economy.

“These are not small numbers. It is the strength of the economy, supporting such innovations and copyrights, which when scaled up will have a very strong ripple effect on the economy itself and generate its own ecosystem and own revenue,” Sitharaman added.

The finance minister said the Center encourages startups while protecting their IPRs, as the boost would not have been possible with just “removal of restrictions”.

She also highlighted the importance of innovation to the economy and said that “while general manufacturing and general production give you a level of 3 (on a scale of 10), innovative activities give you about 7 to 8”.

“While we were removing restrictive rules and regulations, we were also making sure to give a framework in which they could operate. Not just start-ups, but we were also supporting R&D in this country,” Sitharaman said.

“India is at a stage where growth and development focus needs to be strengthened from all sides. The IPR plays a very important role in this,” she said.

The Union Minister said that the support of the judiciary has encouraged the arrival of more innovation and copyright in India and that there is now a systematic approach to dealing with IPR issues.

“The (IPR) bench has been set up (at the Delhi High Court). You are going to have to take on the challenge of increasing the number, but that kind of support, the knowledge shared, the rules established, the framework provided, I think it will be much easier for the courts to meet this challenge,” said she declared.

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