India in top 10 patent-filing countries

Hyderabad: The Institute of Cost Accountants of India and MSME and Startup Promotion Board in collaboration with WTC Shamshabad-Visakhapatnam held a virtual session on IPR- Business Strategy on Thursday. The discussion was about intellectual property rights and its ecosystem in India. The patent system in India has undergone significant development leading to a surge in patent filings. This has led India to rank among top 10 countries in patent filing.

IPR filing has increased from 18,000 in 2012 to 43,163 in 2021 and the number of patents granted has surged from 6,384 in 2012 to 7,722 in 2021, the board members revealed during the webinar. Speaking at the virtual session, Chittaranjan Chattopadhyay, Chairman, MSME and Startup Promotion Board said that the country is witnessing significant growth in terms of innovation which makes it the need of the hour to address matters related to IPR.

“India has robust legal framework for IPR. Patent system in India has undergone significant development leading to a surge in patent filing. India ranks among the top 10 countries in patent filing. The government has introduced several initiatives to clear backlog of trademark registration and also taken several measures in the regard of IPR filing,” the Chairman said. The chief guest for the event, Y Varaprasad Reddy, Chairman, World Trade Center (WTC) Shamshabad-Visakhapatnam spoke about the importance of providing information about IPR for accountants who in turn would support enterprises in understanding the value of IPR.

“As entrepreneurs we understand the importance of innovation in driving economic growth and development. That is why we must focus on protecting intellectual property to encourage innovation and creativity. Through IPR we can safeguard our inventions and creative work enabling us to run them into profitable business. In today’s rapidly evolving business landscape enterprises must adopt and innovate to stay competitive, hence IPR should be an integral part of every business strategy,” Reddy said.

As the moderator of the session, BM Gupta, CFO, GST and Management Consultant informed that IPR filing has increased from 18,000 in 2012 to 43,163 in 2021 and patent granted has surged from 6,384 to 7,722 over the last nine years.