FY 23-24 Sees Record Number of Patents Granted, Crossing 1 Lakh

Rapid rise in patents and start-ups shows knowledge and innovation backed economic growth in the country. The Economic Survey 2023-24, tabled today by Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman at the Parliament today, presents a strong case for a holistic innovation driven industrial ecosystem.

The Survey notes that there has been an advancement of industrial research and development in recent years as evident from India’s consistent improvement in the Global Innovation Index. India holds the top rank globally in the domestic market scale indicator of the index. The Survey states that the number of patents granted increased seventeen-fold from 5,978 in 2014-15 to 1,03,057 in 2023-24. The Survey also highlights that registered designs rose from 7,147 in 2014-15 to 30,672 in 2023-24. It also states that the Government aims to set up Anusandhan National Research Foundation (ANRF) with an estimated cost of ₹ 50,000 crore during 2023-28, to serve as an apex body which would provide high level strategic direction for scientific research in Indian industry.

Highlighting the vibrant Start-Up ecosystem of India, the Survey notes that more than 45 per cent of Start-Ups emerged out of Tier 2 and Tier 3 cities and the number of DPIIT-recognised start-ups increased to more than 1.25 lakh by March 2024 from 300 in 2016. The Survey states that over 13,000 of these start-ups are working in diverse thematic areas like artificial intelligence, the internet of things, robotics, and nanotechnology. Indian start-ups are spear-heading innovation in the country with start-ups filing more than 12,000 patent applications from 2016 to March 2024, mentions the Economic Survey. As per the Survey, 135 Alternative Investment Funds have invested more than ₹18,000 crore in start-ups by the end of FY24 while the Bharat Startup Knowledge Access Registry is bringing together diverse stakeholders in the startup ecosystem.