Academia must work to create IP for commercial use

New Delhi: The academia should work towards creating intellectual property which is of commercial use for the industry, an official said on Monday, highlighting that the country has granted 41,010 patents in the current financial year so far, its highest ever. Unnat Pandit, Controller General of Patents, Designs and Trademarks, Intellectual Property Office, Government of India, shared that around 34,000 patents were granted in the last financial year. “This year so far 41,010 patents were granted as on November 9, so we have already surpassed the all-time high number and still five months are left. The idea is to ensure that IP applications get disposed out of the office and they should go into practice. Industry should have IP collaborations. Academia should work on creating IP which is of commercial use for the industry,” he said at a CII conference. Prime Minister Narendra Modi recently stated that the rise in patent applications in India demonstrates the rising innovative zeal of its youth and is a positive sign for the times to come. According to a World Intellectual Property Organization report, patent applications by Indians grew 31.6 per cent in 2022, extending an 11-year run of growth unmatched by any other country among the top 10 filers.