This was said by the Prime Minister Narendra Modi in New Delhi on Wednesday. On Thursday, a study revealed that the rise in patent applications in India demonstrates the rising innovative zeal of its youths.
Experts describe it as a positive sign for the times to come. In fact, the PM was reacting to a World Intellectual Property Organization report which said patent applications by residents of India grew by 31.6 per cent in 2022, extending an 11-year run of growth unmatched by any other country among the top 10 filers.
Inquiry revealed that China, the US, Japan, South Korea and Germany were the countries with the highest numbers of patent filings in 2022.
While innovators from China continue to file nearly half of all global patent applications, the country's growth rate dipped for a second consecutive year from 6.8 per cent in 2021 to 3.1 per cent in 2022.
In India, Modi has said on X, "The rise in patent applications demonstrates the rising innovative zeal of our youth and is a very positive sign for the times to come."