look news india
This has happened for the first time due to the increase in applications in sectors like chemical, pharma, information technology (IT), computer science in the financial year 2023-24.
The number of Indian patent applicants has increased as compared to foreign patent applicants. Though foreign applicants have been ahead of Indian applicants in terms of final approval of patents, two-thirds of the total applications have been disposed of. This fact has come to light based on Indian patent data. The lead of foreign applicants in getting final approval in patent cases while ignoring Indian companies reflects the persistent bias towards foreign companies. Patent approval is an indicator of research and development activities carried out by companies and firms. The final approval rate for Indian companies is lower than the final patent approval rate for foreign companies. Yet the percentage of foreign companies getting final patent approval is more than 70 percent.