India Aims to Catapult IP System to Global Top Five: Minister Goyal

Union Minister Piyush Goyal urged for improvements in India's intellectual property system, aiming for global top-five status. He highlighted fostering innovation, with emphasis on inclusion of startups, women, and youth. Plans include faster approval processes, fee reductions for small enterprises, and promoting a culture of technological advancement.

Union Minister of Commerce & Industry Piyush Goyal announced intentions to elevate India's intellectual property (IP) approval system to rank among the top five globally in speed, transparency, and efficiency. He emphasized the significance of enhancing the innovation ecosystem through wider participation from startups, MSMEs, women, and youth.

During the National IP Awards & IP Conference in New Delhi, Goyal stressed that expedited processing of trademarks, patents, and copyrights is crucial for fostering a strong innovation culture. These awards acknowledge contributors such as scientists, technocrats, and entrepreneurs who are pivotal in driving India's innovation-led growth.

Goyal urged the need to cultivate creativity in young students by establishing new innovation labs. He highlighted women's growing role, noting a significant rise in patent filings by them over the past decade. Further support includes proposed fee reductions for women entrepreneurs and startup innovators, aiming to make the IP system more accessible and aligned with global standards.

(With inputs from agencies.)