India's Swift Progress in Intellectual Property Rights

India achieved a significant milestone in its intellectual property rights (IPR) landscape by granting over one lakh patents in the fiscal year 2023-24. This represents a remarkable advancement for the country's innovation and knowledge sector. Just a few years ago, in 2016-17, India was granting fewer than 10,000 patents annually. However, this figure surged to 34,134 patents in 2022-23, and the latest year saw an even more substantial increase to 1,03,037 patents. This uptick in grants not only exceeds the number of filings but also helps in clearing backlogs within the patent system. 

The Patent Rules of 2024 have been officially notified, introducing several provisions aimed at streamlining the patent acquisition and management processes. These changes are designed to create a more favourable environment for inventors and creators by simplifying the procedures involved.