Piyush Goyal announces 80% reduction for all recognized educational institutions applying for patents in India or abroad
The Commerce and Industry Minister, Piyush Goyal, has announced a fee reduction of 80 percent to all institutions applying for patents in India or abroad.
India’s rank in the World Intellectual Property Organization Global Innovation Index is currently 48 among 131 countries. This decision will boost and encourage students to help secure India’s position in the top 25 countries. Further, the fee reduction will promote more research development in universities and educational institutions and motivate students to develop more new inventions. The minister also suggested DPIIT include scholarships for 75 students studying law related to the IP ecosystem and coming for economically weaker sections to set targets and help to spread IPR awareness among millions of students in the upcoming 52 weeks.
Earlier, the feed reduction was applicable for all recognized educational institutions owned by the government. This restriction was uplifted and announced that the 80 percent fee reduction would be relevant to all educational institutions, i.e., government, government-aided, or private institutions, in India and abroad. Therefore, the total fee for filing publication and renewal for an institute will reduce from 4.25 lakh to Rs. 85,000. The fee is the lowest fee among the top patent offices worldwide.
The minister also announced that the time period for patent examinations came down to 72 months in December 2016, to between 12-24 months now. In case of objections in the application, the time period may increase. In the possibility of no objection, the time period has even been reduced, even below 12 months.
India has also shown growth of about 600 percent in the number of patents granted now versus how it was seven years back. The last four years have seen 14 lakh trademark registrations compared to 11 lakhs over the previous 75 years, i.e., from 1940-2015.
In recent times, IPR is playing a significant role in the growth and development of the country, and the minister has asked the Department for Promotion of Industry and Internal Trade (DPIIT) to start the process of approval post this announcement. He added that this matter could be taken up with the finance ministry as well.
References:
1. https://twitter.com/PiyushGoyal/status/1427679649010655232
2. https://twitter.com/PiyushGoyal/status/1427668392102690816
3. https://economictimes.indiatimes.com/news/economy/policy/goyal-announces-80-fee-cut-for-all-recognised-education-institutions-applying-for-patents/articleshow/85403041.cms
