Monday, July 15, 2024

Indian Startups Set New Record: 83,000 Patents Filed in FY23, NASSCOM Report

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In FY23, Indian startups showcased exceptional innovation by filing a record 83,000 patents, according to a report by NASSCOM. This marks a significant 24.6% growth from the previous year, highlighting the importance of intellectual property (IP) rights in driving economic progress through deep-tech innovations.

Tamil Nadu leads the pack among Indian startups in patent filings, contributing 9.3% of the total patents filed during FY23. Surpassing Maharashtra’s 6.8% contribution, Tamil Nadu’s leadership can be attributed to government subsidies for IP registrations, a robust research and development ecosystem, and a substantial number of PhD scholars. These factors position Tamil Nadu as a key player in India’s IP landscape.

The report also notes an increase in women’s contribution to patent filings, rising to 11.6% in FY23 from 10.2% the previous year. Educational institutions have played a crucial role in this growth, fostering awareness and driving IP rights among students and researchers. The growing involvement of educational institutes signifies a burgeoning culture of innovation and research in academia.

Despite these advancements, India’s global share in patent filings remains just above 2%, indicating the need for more focused initiatives to boost global IP contributions. NASSCOM President Debjani Ghosh stressed the importance of enhancing domestic patent activity through strategic collaborations.

NASSCOM President Debjani Ghosh

She stated, “The surge in patent filings within the last few years is a clear indication of India’s growing innovation prowess, particularly in areas like artificial intelligence. To further enhance domestic patent activity, collaborations among key stakeholders are essential for fostering and increasing awareness of intellectual property rights.”

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