India's soaring innovation stock

In contrast, Gujarat has maintained its share across the decade.

India has emerged as a key player in the dynamic landscape of intellectual property rights (IPR) globally, showcasing a remarkable growth trajectory. Over the last nine years, there has been a substantial increase in patent filings and industrial design registrations, with a compound annual growth rate of 60 per cent through the end of 2022. This is reflected in India's growth in the global innovation index, which has moved from the 83rd to the 40th position.

India's global patent position

The surge in global patent applications reflects the increasing recognition of the value of safeguarding IP creations. In the current decade (201423), India has filed 4,65,000 patents, marking a 44 per cent increase from the preceding decade (2004-13). The average daily patent filing has risen from 89 patents per day in the preceding decade to 127 patents per day in the current decade. In 2023, 247 patent applications were filed daily.

The growth is equally contributed by the startup ecosystem and a prolific base of small and medium-sized enterprises and individual inventors. The country has been proactive in revamping the IP ecosystem by strengthening the patent framework to encourage innovation crucial in today's knowledge-driven economy.

India's patent power: Surging ahead