Minister for Commerce and Industry Piyush Goyal has announced an 80 percent fee reduction for all recognized educational institutions applying for patents in India or Abroad. While speaking at the Confederation of Indian Industry webinar on Intellectual Property, the minister stated that the 80 percent fee reduction will be applicable to all recognized educational institutions whether owned by the government, private, government-aided sectors and irrespective of whether situated in India or abroad.
The minister further added that it is unfair that it is restricted only to innovation coming from government institutions. Currently, the fee for filing publication and renewal for an institute is close to Es. 4.25 lakh which will be reduced to Rs. 85,000 which is also the lowest among the top patent offices worldwide.
The minister also added that the time for patent examination has also been reduced from 72 months in December 2016 to 12-24 months in December 2020. Assessment on compressing the time even further is being made.
He also took the opportunity to thank everyone related to the journey and stated that there have been close to 14.2 lakh trademark registrations in four years between 2016 and 2020 as compared to 11 lakh during the previous years.
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