WIPI 2024 Report

The WIPO comprises the published report on World Intellectual Property Indicators for the year 2024. Newsworthy changes of international IP filings are identified in this paper. India sits comfortably in the top ten of the list for patents, trademarks, and industrial designs and has hence emerged as a significant actor in the IP world.

India's IP Growth in 2023

• India witnessed a 15.7% growth in patent applications last year, the fifth consecutive year of double-digit increases.
• It is the 6th jurisdiction for filings with 64,480 applications, more than half of which are coming from residents.
• The patent office has allowed 149.4% more patents compared to last year, which shows an increasing intellectual property system.
• Industrial design applications in India increased by 36.4%, led by top sectors.
• INDIA 6.1% INTRA-YEAR TRADEMARK FILINGS REGISTERED BY INDEXGLOBAL • RANK #4—Globally (Trademark Filings)
• India climbed from 144th place to 381st in the patent-to-GDP ratio over the last decade, showing an increase in IP activity with economic growth.
• A report issued by the WIPO showed a climbing global attention to intellectual property, detailing that world innovators lodged a record 3.55 million patent applications around the earth in 2023, an upswing of 2.7% over from 2022.

Exam Point:

• WIPO: An agency of the United Nations that promotes global protection of intellectual property.
• WIPI: Global IP Trends Data for Patents, Trademarks, and Industrial Design.
• Patent-to-GDP Ratio: With reference to GDP, it shows a strength or the predilection of an environment enjoying a patent.
• In 10 years, India's ratio has risen from 144 to 381.