A collaborative model from industry to map best innovation practices will take India to the league of top 25 countries in the Global Innovation Index from the 48th rank in 2020 and make it the innovation powerhouse of the world, Commerce & Industry Minister Piyush Goyal said.

“I know it is going to be quite a challenge. But with your support we can do it,” the Minister said addressing the industry virtually at the National IP Awards on August 17, 2021 hosted by CII.

The Minister announced a 80 per cent reduction on fee for filing of IPRs for all recognised educational institution in India and abroad.

Total fee for an institute, which is ₹4,24,500 now, will be reduced to ₹84,900.

He asked CII to form a team to analyse practices in the top 47 countries and tell the government where it could improve.

The key achievements highlighted by Goyal include granting of 28,391 patents in 2020-21 as compared to 4,227 grants during 2013-14 (572 per cent growth), reduction in time of patent examination from 72 months in December 2016 to 12-24 months in December 2020 and 14.2 lakh trademark registrations in last four years in comparison to 11 lakh during the previous 75 years (1940-2015). Goyal said the country has to now The focus is now on how to make it easier still to get further easing of IP approvals, making it more attractive for people in India and abroad to come to the country.

The Minister announced a 80 per cent fee reduction on fee for filing of IPRs for all recognised educational institution in India and abroad (Governmentt/Aided/Pvt) irrespective of whether such institutes were in India or outside India. Total fee for an institute, which is ₹4,24,500 now, will be reduced to ₹84,900.

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