The recent report by Economic Advisory Council to the Prime Minister (“EAC-PM”), ‘Why India Needs to Urgently Invest in its Patent Ecosystem?’ stressed upon the significance of a robust patent system and on the need to urgently invest in patent ecosystem.
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The amount of patent applications has increased by 48% in the last decade and also the number of abandoned patent applications as these applications does not meet the requirement of section 9(1) and 21(1) of the Patents Act, an increase by almost 350%.
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The growing prominence of this sector in patenting activity indicates the priority it attaches to commercially significant technological innovations. As the patent system is a critical aspect of the national innovation ecosystem, investing in the patent ecosystem will help in strengthening the innovation capability of India
