Source: The post is based on the article “Patents: Prime Minister acknowledges highest ever number of patents granted so far in 2023-24” published in “PIB” on 18th November 2023
Why in the News?
The Prime Minister has acknowledged the highest ever number of patents granted so far in 2023-24.
What is Patent?
| Specifications | Details |
| What is it | A patent is an exclusive set of rights granted for an invention, which may be a product or process that provides a new way of doing something or offers a new technical solution to a problem. |
| Legal framework | Patent Act,1970 |
| Term for Patent | 20 years from the date of filing of application. |
| Is Patent Protection valid worldwide | No. Patent protection is a territorial right and therefore, it is effective only within the territory of India. |
| Criteria of Patentability | An invention is patentable subject matter if it meets the following criteria: 1) It should be novel. 2) It should have inventive step or it must be non-obvious. 3) It should be capable of Industrial application. 4) It should not attract the provisions of section 3 and 4 of the Patents Act 1970. |
What is the current status of patents in India?
1) Patents granted in India: In 2023, the Indian patent office granted a record-high of 41,010 patents. This is a big jump from the 4,227 patents granted in the fiscal year 2013-14.
2) Growth in Indian Patent Applications: A report from the World Intellectual Property Organization highlighted a 31.6% surge in patent applications by Indians in 2022.
– This growth streak in patent applications from India has lasted for 11 years, making it a standout among the top 10 filing countries.
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