Republic Day Parade Features 90 Patent Holders

New Delhi, Jan 25 (PTI) About 90 patent holders have been invited by the Commerce and Industry Ministry from across the country to witness the 75th Republic Day celebrations at the Kartavya Path here on Friday, a senior official said on Thursday.

French President Emmanuel Macron has been invited as a Chief Guest for the Republic Day celebrations in the national capital.

The patent holders, which also include people from the MSME sector, will also interact with Commerce and Industry Minister Piyush Goyal and senior officials of the ministry on ways to promote growth of innovation in the country, the official said.

"This has been done to acknowledge the achievements of patent holders and startups in India. The occasion will foster India's spirit of innovation and entrepreneurship and recognize those powering the country's rise as a global innovation hub," the official said.

The aim of the exercise is to celebrate innovation and entrepreneurship in the country.

The government has taken a series of measures to increase the number of patent grants in the country. So far this fiscal year, about 75,000 patents have been granted.

In 2013-14 fiscal year, 4,227 patents were granted.

According to a World Intellectual Property Organization (WIPO) report, patent applications by Indians grew 31.6 per cent in 2022, extending an 11-year run of growth unmatched by any other country among the top 10 filers.

India retained its 40th rank out of 132 economies in the Global Innovation Index (GII) 2023 rankings, according to a report by the Geneva-based WIPO. It was ranked 81st in 2015.

The consistent improvement in the GII ranking is owing to the immense knowledge capital, vibrant start-up ecosystem, and the amazing work done by the public and private research organisations.

To strengthen the innovation ecosystem in the country, the government has released a startup action plan and a national IPR (intellectual property rights) policy.