Why in the News?

India has achieved a remarkable 15.7% growth in patent applications in 2023, according to the World Intellectual Property Organization (WIPO) in its World Intellectual Property Indicators (WIPI) 2024 report. This growth marks India’s fifth consecutive year of double-digit growth in patents and further cements its position as a leading global innovator. The surge highlights the country’s expanding intellectual property (IP) ecosystem and its growing focus on manufacturing, creativity, and innovation.

About WIPO

• Established in 1967
• It is the United Nations (UN) agency.
• Aim: To encourage creative activity, to promote protection of intellectual property throughout the world.
• Members: It currently has 193 member states (India is a member).
• All member states of UN are entitled, though not obliged, to become members of specialized agencies.
• Headquarters: Geneva, Switzerland