MSME sector is considered as the backbone of Indian economy that has contributed substantially in the socio-economic development of the nation. It generates employment opportunities and works in the development of backward and rural areas. As per the Government’s annual report 2018-19, there are presently more than 63.4 million MSME units in India.
The sector generates employment for around 111 million people and manufactures more than 7500 products, with a share of around 49 per cent in the country’s total exports, according to the latest report released by Confederation of Indian Industry (CII) and KPMG. The sector – which contributes 29 per cent to the National Gross Domestic Product (GDP) – has the potential to create 10 million new jobs over the next four to five years and significantly add to the USD 5 trillion economy in making.
Department for Promotion of Industry and Internal Trade further published amended Patents Rules, 2003 as required under sub-section (3) of section 159 of the Patents Act, 1970 (39 of 1970), vide notification of the Government of India in the Ministry of Commerce and Industry. These rules may be called the Patents 2nd Amendment Rules, 2020 and shall come into effect from date of their publication in the Official Gazette i.e. November 6, 2020.
According to the amendment the Department for Promotion of Industry and Internal Trade has published new fees for MSME sector. An immense 60% reduction of fees for the MSME sector is considered a boon by many experts. The reduction is will be applicable from the filing stage till completion of the entire prosecution.
The Government believes that this will be one of the steps to assist the increase in MSME’s share of 29 per cent of GDP to 50 per cent in next five years and raise its contribution towards the field of Intellectual Property.
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