Innovation is at the core of India’s transformation and progress: Piyush Goyal

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Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution, and Textiles, Shri Piyush Goyal said that manpower will be doubled for processing Intellectual Property (IP) applications, and the process will be streamlined and made more transparent. While delivering an inspiring address at the “National Intellectual Property Conference 2023: Nurturing Growth of IP for Knowledge Economy” in New Delhi today, the Minister announced plans for a 100% digitalization of the Office of the Controller General of Patents, Designs, and Trade Marks for enhanced efficiency.

Shri Goyal emphasized the importance of transparency in the IP system and reduced fees for applicants, particularly for women entrepreneurs, micro and small units, and academic institutions. He expressed his optimism about the involvement of women in India’s innovation ecosystem. The Minister highlighted the untapped potential for accelerating innovation and creativity through Intellectual Property Rights (IPR).

Shri Goyal noted that women are taking leadership roles in various sectors, including startups, and their contributions are expected to be a game-changer for the country. The Minister reiterated the commitment of the Prime Minister, Shri Narendra Modi to women-led development or ‘Nari Shakti’. He highlighted that nearly half of Indian startups have at least one or more women directors, and India has celebrated women’s accomplishments on a global stage.

The Minister underscored the importance of instilling a spirit of inquiry and innovation in the country’s youth. He acknowledged that their efforts to develop new ideas and innovations could only succeed if they receive proper protection and support. Shri Goyal emphasized that technology and ideas serve as the twin engines of growth, with the intellectual property regime acting as the fuel that powers this engine.

Shri Piyush Goyal quoted the Prime Minister and said, “India is committed to protecting IPR of all innovators & entrepreneurs. He discussed the efforts made to establish a robust IP regime in India, including the National IPR Policy. The Minister emphasized the pivotal role of intellectual property in India’s journey towards becoming a developed economy. He highlighted that innovation is at the core of India’s transformation and progress.

Shri Goyal stressed that no country can achieve developed nation status without a robust commitment to promoting the knowledge economy and technology-based solutions that cater to the needs of society, industry, and government. A vital aspect of this commitment is the protection and nurturing of a strong IP ecosystem. The Minister spoke about the National Research Foundation and the collaborative efforts of academia, industry, and government to promote research and development.

In his address, Shri Goyal commended the ‘National IP Award’ winners for their achievements, which he believes will inspire future generations to come up with better ideas and innovative solutions that contribute to both business and the well-being of the people. He emphasized that efforts to make business easier and improve the quality of life are interdependent, and intellectual property plays a crucial role in safeguarding the interests of stakeholders with innovative ideas.

The Minister underscored India’s vast potential for innovation, driven by its abundant talent, entrepreneurial spirit, and the skill sets of its young population. He described India as being on the verge of becoming the world’s third-largest economy, positioning it as an innovation powerhouse with infinite potential. Shri Goyal encouraged all the stakeholders to work towards realization of India’s potential as a global hub for innovation and technology.