The Indian Patent Office has granted a record 75,000 patents in the last 10 months and it reflects India's ability to innovate, Commerce and Industry Minister, Piyush Goyal said on Friday.
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Interacting with innovators and entrepreneurs on the eve of the 75th Republic Day here, the minister also said that 40,000 compliances have either been eliminated or simplified to ease the burden on entrepreneurs.
"The Indian Patent Office has granted a record 75,000 patents in the last 10 months," he said, adding the government is making it easier to do business and make it less burdensome to meet the requirements of the law and comply with rules and procedures.
“There has been a significant push to reduce the burden of criminalisation of many laws regarding business in India and the Jan Vishwas law was the first step in that direction and gave the comfort to people and businessmen that the government trusts them”, he said.
"If you make a small mistake, you do not have to worry about criminal provisions," Goyal said.
The ministry has undertaken numerous legislative reforms to modernise IP (intellectual property) laws and streamline cumbersome administrative processes related to patents, trademarks and copyrights.