Finance Minister Nirmala Sitharaman doubles budget allocation for IPR Policy Management and Infrastructure Development.
With a steady focus on development and awareness for Intellectual Property (Trademark, Copyright, Design and Patents), FM Nirmala Sitharaman has more than doubled allocation in the revised Budget for FY 2022-23 for IPR Policy Management and Infrastructure Development.
The overall budget allocation for FY 2023-24 for Intellectual Property has been increased by 42% YoY (INR 328.981 crore from INR 231.73 crores) while this increase is 15% when compared to revised budget for FY 2022-23.
According to the Budget documents, the budgetary allocation for Controller General of Patents, Designs, and Trade Marks has been increased to INR 281.60 crore from INR 232.65 crore. Similarly, enhanced funds have been allocated to strengthen the Intellectual Property Appellate Board (IPAB).
The government is clearly strengthening IPR by creating awareness, modernizing the IP offices, streamlining compliances, facilitating IP filing and using state of the art technology for management and monitoring.
There has been a staggering 46% growth in the domestic filing of patents over 2016-2021 and further in 2022, India’s entry in World’ Top 3 in terms of Trademark filing – signaling India’s transition towards a knowledge-based economy.
With the awareness efforts from DPIIT and substantial increase in entrepreneurship/ start-up culture in India, Intellectual Property is set to be meaningful and worthy asset of business houses in India.
Registration and Protection of Intellectual Property should be one of prime considerations while setting up and building a brand. However, due to lack of awareness relevant IP filings are generally ignored or delayed. This results in disputes over brand names and confusion amongst public relating to brand ownership.
The government is very clear in its intention of promoting and developing IPR in India with the till date highest budget allocation for planned expenditure layout on IPR Policies and Infrastructure.
With a modernized infrastructure and robust policies, India will surely be witnessing multi-fold increase in brand registration/ trademark filings along with other IP (Copyrights, Designs and Patents) and take budding Indian brands globally.
– Inputs from MUDIT DADHICH (CPA, Tax & IPR practitioner) and CA HARSHIT GUPTA (IPR practitioner)