Prime Minister Narendra Modi has commended the achievement of the highest-ever number of patents granted during the fiscal year 2023–24. In response to a post by Union Minister of Commerce and Industry, Piyush Goyal, PM Modi expressed his thoughts on the significant accomplishment. He posted on X, “This is a notable feat, marking a milestone in our journey towards an innovation-driven knowledge economy. India’s youth will be great beneficiaries of such strides.”
Minister Piyush Goyal, sharing the achievement on the same platform, declared, “It’s a record-highest-ever number of patents granted so far in 2023–24. PM Narendra Modi ji’s vision of an innovation-led knowledge economy to drive growth is rapidly taking shape.”
According to the World Intellectual Property Indicators (WIPI) Report, patent applications by residents of India grew by 31.6% in 2022, extending an 11-year run of growth unmatched by any other country among the top 10 filers.
The high number of patents awarded reflects the country’s rising emphasis on research, development, and technical innovation, with the government actively supporting and rewarding contributions to the sector. This achievement is likely to have a favourable influence on India’s innovation environment and help the creation of a knowledge-driven economy.