New Delhi: Commerce and Industry Minister Piyush Goyal said on Tuesday that a record number of over 5.5 lakh domestic filings for trade marks were made in India during 2024-25, reflecting the strength of the country’s institutions in safeguarding the interests of innovators and creators who play an important role in boosting economic growth.
Citing PM Modi’s mantra of “Ideate in India, Innovate in India, Make in India & Make for the World,” the minister highlighted that the Trade Marks Act, 1999, has been a key pillar in protecting the interests of innovators for the last 26 years.
“Along with that, the Narendra Modi Government’s sincere efforts to foster the innovation ecosystem have strengthened the country’s position in the global Intellectual Property (IP) landscape, promoting innovation-led growth that benefits not just India, but the world,” he observed.
Goyal further stated that the highest number of trade marks registered were in pharmaceuticals, veterinary, and sanitary preparations.
Policy reform, digitisation, and initiatives contributing to India’s growing global standing in the IP ecosystem
The Trade Marks Act is a piece of legislation that safeguards the intellectual properties of businesses against infringement. It enables businesses to protect their brand while at the same time allowing and promoting fair competition in the market. The Act has been reviewed several times to take into account various changes in the global business ecosystem and the demands of modern businesses.
As businesses expand globally, the protection of trade marks becomes more significant, and the Act adequately takes into account this aspect of trade marks as well to ensure fair protection to firms.
A trade mark is registered for 10 years and can then be renewed for successive periods of 10 years. Trade marks can be refused if they are descriptive, generic, or deceptively similar to existing trademarks. The Trade Marks Act allows the transfer or licensing of trademarks to others under specific terms. The Act has civil and criminal remedies, injunctions, damages, and fines for trade mark infringement.
(IANS)
