Finance Minister Nirmala Sitharaman participated in several events at the Indian Institute of Technology, Madras, including the inauguration of a National Center for Precision Medicine in Cancer, set up under the Corporate Social Responsibility of Carkinos Healthcare.
Union Finance Minister Nirmala Sitharaman on Sunday said that the central government is working to further reduce the time taken to dispose of applications filed for patents to 12-14 months from the earlier 72 months, reported PTI. I went.
Addressing a program here, he said that domestic filing of patents is on the rise. In 2021, a total of 58,502 patents were filed while 28,391 were approved.
"When the start-up policy was announced in 2016, a lot of policies were brought in to help start-ups to file IP. The number of days it took to approve patents in 2016 was 72 months. December By 2020 which is the last data I have, it has come down to 12 months, in some cases 24 months. We are trying to bring it down further," Sitharaman was quoted as saying by PTI.
The minister participated in several events at the Indian Institute of Technology, Madras, including the inauguration of a National Center for Precision Medicine in Cancer, set up under the Corporate Social Responsibility of Carkinos Healthcare.
FM Sitharaman also inaugurated the CAMS IIT-M Fintech Innovation Lab set up in partnership with Computer Age Management Services Limited.
"Around 14.2 lakh trademarks were registered between 2016 -2020. This number is surprising to me because from 1940 to 2015, only 11 lakh trademarks were registered," she said.
According to him, startups are provided about 80% rebate in the cost of patent filing and Prime Minister Narendra Modi often says that he wants India to become an IP superpower, reported PTI.
He said that India has always invested in knowledge and since 2014, the government has seen how the country can become a knowledge-based society.
The National Center for Precision Medicine in Cancer, which was inaugurated by Sitharaman, attracted funding of ₹29.73 crore from Karkinos Healthcare.
The CAMS IIT-M Fintech Innovation Lab has also been inaugurated by Sitharaman, which aims to establish a world-class center of research and applied technologies in financial technology and related applied technologies.
IIT-Madras said the multi-disciplinary lab will help promote education and research in financial technology and accelerate innovation in solving industry challenges.
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