New Delhi: The Economic Survey 2023-24, presented by Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman in Parliament today, reveals a robust surge in patents and start-ups, reflecting a thriving knowledge and innovation-driven industrial ecosystem in India.
According to the Survey, India has experienced a dramatic increase in patent filings, with the number of patents granted soaring seventeen-fold from 5,978 in 2014-15 to 1,03,057 in 2023-24. The growth is accompanied by a notable rise in registered designs, which climbed from 7,147 in 2014-15 to 30,672 in 2023-24. This impressive expansion underscores India’s advancing industrial research and development capabilities.
The Survey highlights India’s top position globally in the domestic market scale indicator of the Global Innovation Index, showcasing the country’s burgeoning innovation landscape. To further bolster this progress, the government plans to establish the Anusandhan National Research Foundation (ANRF) with an estimated investment of ₹50,000 crore during 2023-28. This apex body will provide high-level strategic direction for scientific research in Indian industry.
The Economic Survey also sheds light on India’s dynamic start-up ecosystem. Over 45 per cent of start-ups have emerged from Tier 2 and Tier 3 cities, illustrating the widespread entrepreneurial spirit across the country. The number of DPIIT-recognised start-ups has surged to over 1.25 lakh by March 2024, a remarkable increase from just 300 in 2016. These start-ups are driving innovation in various fields, including artificial intelligence, the internet of things, robotics, and nanotechnology.
Start-ups have been actively contributing to the innovation landscape, filing more than 12,000 patent applications between 2016 and March 2024. Additionally, 135 Alternative Investment Funds have invested over ₹18,000 crore in start-ups by the end of FY24. The Bharat Startup Knowledge Access Registry is also playing a crucial role in uniting diverse stakeholders within the startup ecosystem.
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