New Delhi, Dec 30 (NationPress) Commerce and Industry Minister Piyush Goyal revealed on Tuesday that India achieved a remarkable milestone with over 5.5 lakh domestic trade mark registrations during the 2024-25 period. This achievement underscores the resilience of the nation’s institutions in protecting the rights of innovators and creators, who significantly contribute to the country's economic development.

Referencing PM Modi’s philosophy of "Ideate in India, Innovate in India, Make in India & Make for the World", the minister emphasized that the Trade Marks Act, 1999 has served as a fundamental framework for safeguarding the rights of innovators for the past 26 years.

Goyal noted that the highest number of registered trade marks were found in the sectors of pharmaceuticals, veterinary, and sanitary preparations.

He attributed India’s enhanced global standing in the Intellectual Property (IP) ecosystem to significant policy reforms and digitization initiatives, which have advanced the innovation landscape, benefiting not only India but also the world.

The Trade Marks Act is a critical legal framework that protects businesses' intellectual properties from infringement, ensuring fair competition while allowing brands to secure their identities. The Act has undergone several revisions to adapt to the evolving global business environment and the needs of modern enterprises.

As companies seek to expand internationally, the protection of trade marks becomes increasingly vital. The Act addresses this need, providing a fair mechanism for trademark protection.

A trade mark can be registered for a duration of 10 years and is renewable for further 10-year periods. However, applications can be denied if they are deemed descriptive, generic, or closely resemble existing trademarks. The Act also permits the transfer or licensing of trade marks under specified conditions and includes provisions for civil and criminal remedies, including injunctions, damages, and penalties for infringement.