Page 19 - Policy Economic Report - November 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

• Top 5 export destinations, in terms of change in value, exhibiting growth in October 2024 vis a vis
October 2023 are Singapore (197.39%), U Arab Emts (43.32%), U S A (11.47%), U K (42.12%) and
Australia (60.41%).

• Top 5 export destinations, in terms of change in value, exhibiting growth in April-October 2024 vis
a vis April-October 2023 are Netherland (32.92%), U Arab Emts (15.86%), U S A (6.31%), Singapore
(20.78%) and U K (16.23%).

• Top 5 import sources, in terms of change in value, exhibiting growth in October 2024 vis a vis
October 2023 are U Arab Emts (70.37%), Russia (25.98%), Taiwan (82.76%), Peru (142.69%) and
Angola (425.33%).

• Top 5 import sources, in terms of change in value, exhibiting growth in April-October 2024 vis a
vis April-October2023 are U Arab Emts (55.12%), China P Rp (9.8%), Russia (8.85%), Taiwan
(45.45%) and Angola (99.84%).

7. India secures position in top 10 countries in Patents, Trademarks, and Industrial Designs:
WIPO 2024 Report

The World Intellectual Property Organization (WIPO) has published the World Intellectual Property
Indicators (WIPI) 2024, underscoring global trends in intellectual property (IP) filings. The report reveals
significant growth in patent, trademark, and industrial design applications across top economies. India
has secured a spot in the global top 10 for all three major intellectual property (IP) rights—patents,
trademarks, and industrial designs. India continues to solidify its place as a global leader in the intellectual
property (IP) landscape by showing substantial progress and marking new milestones in IP activity.

India recorded the fastest growth in patent (+15.7%) applications in 2023 among the top 20 origins,
marking the fifth consecutive year of double-digit growth. India ranks sixth globally for patents with
64,480 applications, with resident filings accounting for over half of all submissions (55.2%)—a first for
the country. The patent office also granted 149.4% more patents in 2023 compared to the previous year,
underlining the country’s fast-evolving IP ecosystem.

The report indicates a steady rise (36.4%) in India’s industrial design applications, which aligns with
increasing emphasis on product design, manufacturing, and creative industries within India. The top three
sectors—Textiles and Accessories, Tools and Machines, and Health and Cosmetics—made up almost half
of all design filings,

India ranked fourth globally in trademark filings, with a 6.1% increase in 2023. Nearly 90% of these filings
were by residents, with key sectors including Health (21.9%), Agriculture (15.3%), and Clothing (12.8%)
leading the way. India’s trademark office holds the second-largest number of active registrations
worldwide, with over 3.2 million trademarks in force, reflecting the country’s strong position in global
brand protection.

The report highlights continued growth in global intellectual property (IP) filings, reflecting innovation
resilience despite economic challenges. Key findings show a record of 3.55 million patent applications filed

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