Piyush Goyal Commerce and industry minister on Tuesday announced an 80-per cent fee reduction to all recognised educational institutions applying for patents, whether in India or abroad. In the past, they were available only to recognised educational institutions owned by the government.
“I think it is quite unfair that this is restricted only to innovation coming out of government institutions,” said Goyal at a virtual event organised by the Confederation of Indian Industry. Total fee – filing, publication, and renewal – for an institute, which is around Rs 4.24 lakh now, will be reduced to Rs 84,900.
“I think this will be a great encouragement for universities. I do hope to see lots and lots of new universities and educational institutions participating in this. I would encourage all universities – both in India and abroad – to take benefit of this,” the minister said.
Goyal also said there is a need to bring an intellectual property (IP) revolution for inclusive progress and strengthen intellectual property rights (IPR) laws in the country to create more jobs, boost competitiveness and manufacturing.
“Today, we recognise IP as one of the most valuable assets in India’s ability to compete in the global economy. Our IPR must ensure whoever invents in India is not only protected but guaranteed to prosper. A strong IPR regime will empower expansion and energise the industry in challenging times,” he added.