India expedites patent registration for startups
While India for long might have had an image of being a nation which takes its own sweet time in getting things done, it now seems to be meticulously working towards changing its this image.
The Indian government has recently launched an option through which startups from all over the world will be able to register patents in India faster and at much lower costs than ever. Facilitated by the Indian government under a new ‘tatkal’ option, which is being further offered under the latest amended Indian patent rules, these benefits can also be availed by companies that have decided to file their first application in the Indian subcontinent.
Using the tatkal option, the companies will be able to expedite their patent registration process. In order to avoid any misunderstandings, the government has also included the definition of what actually is a ‘startup’ for them in the patent rules.
The amended rules are seeking to cutdown the current five-seven years time period for grant of patents to two and a half years effective immediately and one and a half years by March, 2018. The amended rules qualify startups as “individual persons” instead of identifying them as companies.
According to industry experts, this cut in patent registration charges and time will substantially decrease the patent fees and help them fetch 80% rebate under the startup action plan. Startups seeking an expedited patent registration process will have to shell out double the fees amount. On the other hand, companies will have to spend thrice the amount normally charged.
There have been many instances in the past wherein various international players have shied away from having their base in India due to the long delays they have to face in getting various clearances and licenses. But now, the Indian government seems to be on a fastrack path to make things function at a faster pace and lure the international players back to the Indian land.