The Union Budget 2023-24 proposes an increase in the budget allocation to the Intellectual Property domain to Rs. 329.981 Crores. This has been done considering the rapid growth in the industry and the numerous benefits associated with the same. The allocation has been increased by 15% compared to the previous year’s allocation (Rs.285.41 Crores). Accordingly, funds would be apportioned for the furtherance of the Copyright Office and Controller General of Patents, Design, and Trade Marks.
While speaking at a seminar organised by the Delhi High Court on February 26, 2022, the Union Minister of Finance and Corporate Affairs, Smt Nirmala Sitharaman, highlighted the vast rise in the registration of Intellectual Property in India. It was emphasised that in 2013-14, a total of 4000 patents were granted, and the number of them drastically increased to 28,000 patents in 2022. The previous year witnessed an upsurge in trademark and copyright registrations, with 2.5 lakh trademark registrations and 16,000 copyright registrations. Moreover, the Economic Survey 2021-22 reflects an increase in the country’s domestic filing for patent registration by 30% in the last 5 years. Also, it depicts that the number of trademarks being granted every year has tripled.
Such an increase in the budget allocation toward the IP sector will aid in the use of modern technologies in IP-related matters, improve the IP infrastructure, and encourage the registration of IP.