\n
Addressing the \u2018National Seminar on Adjudication of IPR Disputes in India\u2019 organised by the Delhi High Court \u2014 with Chief Justice of India NV Ramana and other judges in attendance \u2014 she said 28,000 patents were granted in 2021 against 4,000 in 2013-2014 and the last year also saw registration of 2.5 lakh trademarks and over 16,000 copyrights, which will have a \u201cvery strong ripple effect\u201d on the economy.<\/p>\n
\u201cThese are not small numbers. This is the strength of the economy, in supporting such innovations and copyrights, all of which when scaled up are going to have a very strong ripple effect into the economy itself and that would generate its own ecosystem and revenues,\u201d Sitharaman added.<\/p>\n
The Finance Minister said the Centre encouraged startups while protecting their IPRs as the boost would not have been possible with only \u201cgiving up restrictions\u201d.<\/p>\n
She also highlighted the importance of innovation for the economy and said that \u201cif general manufacturing and general production give you a level of 3 (on a scale of 10), innovative activities bring in about 7 to 8.\u201d<\/p>\n
\u201cAs we were removing restrictive rules and regulations, we were also making sure that we give a framework within which they can work. Not just start-ups, but we were also supporting R&D in this country,\u201d\u00a0 Sitharaman said.<\/p>\n
\u201cIndia is at a stage where growth and the focus on development have got to be strengthened from every side. IPR plays a very important role in it,\u201d she stated.<\/p>\n<\/p>\n
The Union minister said that the support of the judiciary has encouraged more innovations and copyrights coming into India and there is now a systematic approach to deal with IPR issues.<\/p>\n
\u201cThe (IPR) bench has been set up (at the Delhi High Court). You are going to face the challenge of increasing numbers but this kind of support, the knowledge being shared, rules being set, the framework being provided, I think it will be far easier for the courts to take up this challenge,\u201d she said.<\/p>\n<\/div>\n
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