75,000 patents granted by patent office in 10 months: Piyush Goyal

The Indian Patent Office (IPO) has granted a record 75,000 patents in the last 10 months, showcasing India’s ability to innovate and grow rapidly, Union Minister of Commerce and Industry Piyush Goyal said on Friday.

“On the 25th of January yesterday… we celebrated another big milestone, with the patent office granting 75,000 patents, which were registered in the ten months so far this year. It’s truly a phenomenal testimony to the good work that you all are doing,” the minister said while addressing a gathering of innovators and entrepreneurs.

Besides, the minister also spoke of eliminating and simplifying around 40,000 compliances across the country in order to release the burden on entrepreneurs and innovators and promote ease of doing business among them. He emphasised that the passing of the Jan Vishwas Bill by amending certain enactments for decriminalising and rationalising offences was the first step to create an atmosphere of trust-based governance for ease of doing business.

 

“There has been a significant push to reduce criminalisation of laws regarding businesses in India,” said Goyal.

The minister also spoke about more women joining the startup ecosystem and coming up with innovative ideas, and mentioned that 20 of the unicorns are led by women and there has been an uptake of patent holders among women.

Lauding the Pradhan Mantri Jan Dhan Yojana, Goyal said that it has played a pivotal role in empowering the entrepreneurs to be self-reliant and be a part of the country's growth story, as the scheme has propelled the country from being part of a ‘fragile five’ to be the fifth largest economy in the world.

“India has turned into an economy where interest rates and rising inflation have reigned in despite the turbulence caused in the developed nations,” Goyal added.

Further, expressing his confidence in the youth of the nation, the minister said that a collective effort from youth, especially women, would make India a corrupt-free nation and would take India’s economy to thirty-five trillion dollars by 2047.

“With the launch of ‘Lakhpati Didi Scheme’, India is poised to rapidly grow and the entrepreneurs and innovators will be at the forefront of that growth story. Women’s inclusion in the formal labour force would be a huge boost to India’s journey as it would add value to India’s GDP,” he added.