April 26th 2024.
In the bustling city of New Delhi, a new era of innovation is taking place. Thanks to the advancements in artificial intelligence, Internet of Things, and neuro-technology, deep-tech startups in India have been on a roll, filing a whopping 83,000 patents in the fiscal year of 2023. This marks a significant growth rate of 24.6%, which is the highest in the last two decades, as reported by Nasscom on Friday.
Not only has there been an increase in the number of patents filed, but there has also been a significant rise in the number of patents granted. In fact, the number has more than doubled between the fiscal years of 2019 and 2023. And this trend is expected to continue, with over 100,000 patents being granted between March 15, 2023 and March 14, 2024.
Debjani Ghosh, the President of Nasscom, expressed her enthusiasm for this surge in patent filings, especially in the field of AI. She believes that this is a clear indication of India's growing innovation prowess. However, she also emphasized the need for collaborations among key stakeholders to further enhance domestic patent activity and increase awareness of intellectual property rights.
Over the past decade, there has been a significant increase in the proportion of patents filed by Indian residents. In fact, it has doubled from 33.6% in fiscal year 2019 to over 50% in fiscal year 2023. This is a testament to the country's increasing focus on innovation, as evidenced by the filing of over 900 patents by leading deep-tech startups since 2008. Additionally, other countries have also taken notice of India's potential, with over 32,000 Patent Cooperation Treaty applications being submitted in the country.
Among the top application areas, healthcare-related patents have seen the most applications, particularly in the fields of medical imaging, diagnosis, report generation, and testing. Automation and software development, as well as retail and e-commerce, have also seen a significant number of patent filings. In the field of AI, image processing, natural language processing, and predictive modeling have seen the most patents, while emerging areas such as Gen AI, medical data processing, and cognitive computing are also gaining momentum.
Overall, the future looks bright for India's deep-tech startups, with the support of advanced technologies and a growing focus on intellectual property. With continued collaborations and awareness, the country is sure to make even greater strides in the world of innovation.
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