The Economic Survey 2023-24, presented today by Union Minister of Finance and Corporate Affairs, Ms. Nirmala Sitharaman, underscores the robust growth in patents and start-ups, reflecting a knowledge and innovation-driven economic expansion in India. This comprehensive survey highlights significant advancements in industrial research and development, showcasing India's consistent improvement in the Global Innovation Index and its leading position globally in the domestic market scale indicator.

Surge in Patents and Designs

One of the most notable achievements highlighted in the survey is the dramatic increase in patents granted in India. The number of patents granted surged seventeen-fold from 5,978 in 2014-15 to 1,03,057 in 2023-24. Additionally, the number of registered designs increased from 7,147 to 30,672 over the same period. This remarkable growth signifies India's enhanced focus on fostering innovation and protecting intellectual property rights.

Establishment of Anusandhan National Research Foundation (ANRF)

To further strengthen the research and innovation ecosystem, the government plans to establish the Anusandhan National Research Foundation (ANRF). With an estimated cost of US$ 5.98 billion (Rs. 50,000 crore) between 2023 and 2028, ANRF aims to provide high-level strategic direction for scientific research in the Indian industry. This initiative is expected to drive significant advancements in industrial R&D, ensuring that India continues to be a global leader in innovation.

Dynamic Start-Up Ecosystem

The Economic Survey also highlights the dynamic and rapidly growing start-up ecosystem in India. Over 45% of start-ups originated from Tier 2 and Tier 3 cities, showcasing the widespread entrepreneurial spirit across the country. The number of DPIIT-recognised start-ups rose to over 1.25 lakh by March 2024, up from just 300 in 2016. This exponential growth is a testament to the supportive policies and conducive environment fostered by the Indian government.

Technological Innovations and Investments

More than 13,000 start-ups are engaged in cutting-edge technologies such as artificial intelligence (AI), the Internet of Things (IoT), robotics, and nanotechnology. These start-ups have filed over 12,000 patent applications from 2016 to March 2024, reflecting the high level of innovation and technological advancement within the country.

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The survey also notes significant investments in the start-up ecosystem. By the end of FY24, 135 Alternative Investment Funds had invested over US$ 2.15 billion (Rs. 18,000 crore) in start-ups, providing the necessary capital to fuel their growth and development.

Bharat Startup Knowledge Access Registry

To facilitate collaboration among various stakeholders in the start-up ecosystem, the government has introduced the Bharat Startup Knowledge Access Registry. This platform aims to create a comprehensive database of start-ups, investors, mentors, and other key players, promoting synergy and collaboration across the ecosystem.

Conclusion

The Economic Survey 2023-24 presents a comprehensive overview of India's remarkable progress in fostering a knowledge and innovation-driven economy. The surge in patents and the dynamic start-up ecosystem underscore the country's commitment to advancing industrial research and development. The establishment of the Anusandhan National Research Foundation (ANRF) and other strategic initiatives highlight the government's proactive approach to supporting scientific research and innovation.

India's position in the Global Innovation Index and its leadership in the domestic market scale indicator reflect the success of these efforts. The substantial growth in patents granted and registered designs indicates a robust intellectual property regime that encourages innovation.

The start-up ecosystem's rapid expansion, with a significant presence in Tier 2 and Tier 3 cities, demonstrates the inclusive nature of India's entrepreneurial growth. The focus on cutting-edge technologies such as AI, IoT, robotics, and nanotechnology positions India as a global leader in technological innovation.

With continued support from the government and strategic investments, India's innovation economy is poised for sustained growth and global competitiveness. The collaborative efforts facilitated by the Bharat Startup Knowledge Access Registry will further enhance the ecosystem, fostering a vibrant environment for start-ups and entrepreneurs.

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