Rising Innovation: Surge in Patent Applications Indicates Increasing Creative Enthusiasm Among Youth in India

PM Narendra Modi highlighted the surge in patent filings in India on Wednesday, saying it indicated "the rising innovative zeal of our youth and is a very positive sign for the times to come.” Most recent annual World Intellectual Property Indicators (WIPI) report. According to the research, filed patents by Indian applicants increased by 31.6% in 2022 over the previous year, extending an 11-year streak of growth unmatched by any other country among the top ten filers. According to the WIPI research, China, the United States, Japan, South Korea, and Germany will have the most filings in 2022. 

The increase in patent applications demonstrates the inventiveness of today's youth

Prime Minister Narendra Modi commended India's growing number of patent applications, saying it represents the country's youth's developing intellectual spirit. According to a World Intellectual Property Organisation estimate, India would see a 31.6% increase in applications in 2022, maintaining an 11-year record of growth. China, the United States, Japan, South Korea, and Germany had the most patent filings in 2022, with China continuing to lead in global patent applications. However, China's growth rate has slowed for the second year.

Indian patent filings are growing faster than those of other countries worldwide. Indian and Chinese innovators and the increase in invention, entrepreneurship, and digitalization in these countries drove patenting activity to new highs in 2022. Indian patent filings grew by 31.6%, with resident filings outnumbering international filers for the first time. Global patent applications increased for the third year, with China, the United States, Japan, the Republic of Korea, and Germany leading the way. On the other hand, the pandemic has created uncertainty in the global innovation ecosystem, with venture capital financing declining in many regions of the world.