Commerce and industry minister Piyush Goyal on Tuesday announced an 80% fee reduction to all recognized educational institutions applying for patents, whether in India or abroad.
â€œI think it is quite unfair that this is restricted only to innovation coming out of government institutions,” said Goyal at a virtual event organized by the Confederation of Indian Industry.
Earlier the total fee filing, publication, and renewal for an institute, which is around Rs 4.24 lakh now, will be reduced to Rs 84,900.
â€œI think this will be a great encouragement for universities. I do hope to see lots and lots of new universities and educational institutions participating in this. I would encourage all universities both in India and abroad can take benefit of this,â€ the minister said.
Goyal also said there is a need to bring an intellectual property (IP) revolution for inclusive progress and strengthen intellectual property rights (IPR) laws in the country to create more jobs, boost competitiveness and manufacturing.