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  • Post Budget Quote – Govt needs to incentivize IP and Patent Creation, Tarun Kumar Bansal, President, Sagacious IP

    Published on February 2, 2022

    Tarun Kumar Bansal, President, Sagacious IP

    “2022 looks like the most opportune year for Indian startups with Ms. Nirmala Sitharaman specifically mentioning the relevance of startups and their contribution in building Indian ecosystem. With India’s ranking on the Global Innovation Index moving from 81 to 46th position, there is a lot of hope penned on startups.

    The Government in its efforts thus far, has given a significant push in creating an innovative ecosystem but it was a little disappointing to witness no further move of the Govt in making this ecosystem bigger through incentivizing IP and Patent Creation. Intellectual Property Index demonstrates a country’s capability and appetite to commercialize and capitalize on innovative and disruptive ideas. Unless IP and Patent Creation is incentivized, it will be very difficult to make Indian startups and MSME’s globally competitive and even missions like ‘Make in India’, ‘Make for the World’ and ‘’Atmanirbhar Bharat might get derailed if such steps aren’t taken in future. Economies like China have emerged as one of the global IP hub by heavily incentivizing creation of IP by local inventors.

    We look forward to seeing focussed initiatives around IP and its related subjects in future budgets to propel R&D, innovation and technology commercialization. I am sure that incentivizing IP and patent creation can have a multiplier effect on the innovation index and can enrich the country’s current IP landscape.”

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