WIPO Indicators 2024 Report
According to WIPO Indicators 2024 report, India has exhibited a remarkable growth in the patents, designs & trademarks filings .
Key Highlights
- Patent: India now ranks 6th globally in patent filings, with a total of 64,480 filings.
- This marks a 15.7% increase from previous levels, showcasing the country’s strengthening role in global innovation.
- The country’s Patent-to-GDP ratio surged to 381 from 144 over the past decade.
- Trademarks: India’s IP (intellectual property) office is the second highest globally in trademarks, with 3.2 million registrations in 2023.
- India ranks 4th globally in trademark filings, up by 6.1% in 2023 with nearly 90% from residents.
- Health, agriculture and clothing being the top sectors.
- Industrial Design: Similarly, India moved up to 10th globally for industrial design filings with a 36.4% increase in 2023, showing significant growth in creative design
- Textiles & accessories, tools & machines, and health & pharma, together accounting for nearly half of all designs.
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About World Intellectual Property Report
Published: Annually
Published By: WIPO
Objective:
- It offers fresh insights into the role of innovation in market economies and, in doing so, fosters evidence-based policy-making.
- Each edition focuses on specific trends in an area of intellectual property (IP).
Further Reading: WIPO
Context: Recently, A symposium was held on the “Green Transition in States” at Vigyan Bhawan, New Delhi and the ASSET platform was launched by NITI Aayog.
More on the news
- Organized by: NITI Aayog, Govt of India, in collaboration with ISEG Foundation (knowledge partner)
- ASSET platform refers to Accelerating Sustainable Solutions for Energy Transition.
- Objective: This platform is designed to help states fast-track their green transition efforts.
- Launch By: It was launched by NITI Aayog in collaboration with the Ministry of Power and the Ministry of New and Renewable Energy.
- Functions:
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- Assists in creating and implementing state-level energy transition plans.
- Develops bankable projects for financing.
- Showcases best practices and innovations in fields like Battery Energy Storage Systems (BESS), Green Hydrogen, energy efficiency, e-mobility, and offshore wind.
Importance of State Role
- National Goals: States play a crucial role in achieving India’s goal of becoming a developed nation (Viksit Bharat) by 2047 and reaching Net-zero GHG emissions by 2070.
- Energy Transition Plans: States need to:
- Prepare comprehensive energy transition blueprints.
- Develop investible projects and ensure effective implementation.
- Foster innovation in emerging technologies.
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NFRA Recommendation Revision of the Standard quality control (SCQ1) and Standard quality management
Context: The National Financial Reporting Authority (NFRA) held its 18th Meeting on November 11-12, 2024 and approved its standards on quality control.
More on the news
- Attendees: 11 members of NFRA, including representatives from CAG, RBI, SEBI, independent experts, and ICAI representatives
- Approval of 33 Global Standards: NFRA approved other 33 Auditing Standards to align with global practices.
Major Recommendations
- Quality Control Standards:
- NFRA recommends revising existing quality control standards (SQC1) to align with global standards (ISQM1 and ISQM2).
- This revision aims to improve the quality of audits conducted by Chartered Accountants in India.
- Auditing Standard SA 600 (Revised):
- NFRA recommends adopting a revised version of SA 600, which will be applicable to Public Interest Entities (PIEs) only, excluding certain public sector entities.
- This revised standard focuses on the auditor’s responsibility to consider fraud in an audit of financial statements.
- Naming of Indian Auditing Standards:
- NFRA has recommended naming Indian Auditing Standards as “IndAS,” similar to the practice in countries like the UK, Australia, and Singapore.
- This will help in better understanding and implementation of these standards.
About National Financial Reporting Authority (NFRA)
- It is a statutory body.
- This body has an auditing and accounting supervision authority.
- It also oversees the quality of services offered by accounting and audit professions.
- Formation: 2018
- Administered by: The Ministry of Corporate Affairs
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Chalo India Campaign
Context: The Ministry of Tourism to launch its Chalo India campaign on the sidelines of the ongoing World Travel Mart in London.
- Theme: The focus of this year`s India pavilion is MICE (Meetings, Incentives, Conferences, and Exhibitions tourism), Mahakhumbh and wedding tourism.
About the Chalo India Campaign
- As per the campaign, an Overseas Citizen of India (OCI) cardholder can nominate five foreign nationals on a special portal who will be eligible for a gratis e-visa (visa granted without fees).
- The government through this move will allow “friends” of diaspora members to get free visas.
- The total number of free e-visas to be granted under the said initiative is one lakh.
- The OCI cardholders will register on the special portal with key details of their nominated friends
- They will be assigned a unique code after due verification which the designated friends can then use the special code to avail of a free visa.
- Aim: To bring more foreign tourists to India.
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About Overseas Citizen of India (OCI)
- It is a status allowing people of Indian origin (PIO) to live and work in India indefinitely
- The foreigner has to be ordinarily resident of India to be eligible to apply for OCI registration in India.
- Introduced: The Scheme was introduced by amending the Citizenship Act, 1955 in August 2005.
- The Government of India also merged the Person of Indian Origin (PIO) card scheme with the Overseas Citizen of India (OCI) card scheme in 2015
- Eligibility:
- A foreign national who was a citizen of India at the time of or at any time after 26th January, 1950
- A foreign national who is a minor child and whose both parents are citizens of India or one of the parents is a citizen of India.
- A foreign national who belonged to a territory that became part of India after 15th August, 1947
- A foreign national who is a child or a grandchild or a great grandchild of such a citizen
- Foreign nationals cannot apply for OCI in India while on Tourist Visa, Missionary Visa and Mountaineering Visa.
- Privileges:
- Permanent Residency: OCI cardholders can live and work in India indefinitely.
- Lifetime Visa: OCI cardholders are eligible for multiple-entry, multi-purpose visa to visit India for life.
- No Reporting: OCI cardholders are exempt from reporting to the police for any length of stay in India.
- Parity with NRIs: OCI cardholders are treated equally to Non-Resident Indians in areas including, Financial, economic, and educational fields; Inter-country adoption of Indian children; Entry fees to national parks, wildlife sanctuaries, national monuments, historical sites, and museums.
- Land Ownership: OCI cardholders can own land and make other investments in India.
November 14, 2024
