India sees 92,000 patent filings in FY24, intellectual property (IP) guidelines set for overhaul

India recorded approximately 92,000 patent applications in FY24, according to Mr. Unnat Pandit, Controller General of Patents, Designs, and Trademarks (CGPDTM), in a statement to news agency PTI. He attributed the rise in filings to growing interest in intellectual property (IP) protection, with innovative technology being sought for protection every six minutes. He also highlighted efforts to revamp the country’s IP guidelines, which are being updated with input from stakeholders and industry associations. The increase in granted patents reflects improved efficiency at the Indian patent office, with innovations now meeting global standards despite challenges. 

In related news, India was ranked fourth globally in trademark filings last month, with nearly 90% of these filings coming from domestic residents. The country is now in the global top 10 for all three major IP categories: patents, trademarks, and industrial designs. India’s trademark office holds the second-largest number of active registrations worldwide, surpassing 3.2 million. While India ranked 42nd out of 55 economies in the FY23 International Intellectual Property Index, its score remained at 38.64%. This positions India as a potential leader in emerging markets. However, the report highlights areas for improvement in its IP framework. 

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.