Why is it in the news?
- World Intellectual Property Organization (WIPO) has released the World Intellectual Property Indicators 2019.
- In 2018, patent filings around the world exceeded by around 3.3 million, representing a 5.2% growth over 2017 figures.
- The global growth in IP filings was driven by China which accounted for over 50% of IP filings including patents, trademarks and design.
- The US was ranked second as it witnessed a 1.6% fall in patent filings, which is the first decline for the country in the previous decade.
- India was among the top ten countries of the total (resident and abroad) Intellectual Property(IP) filing activity by origin.
- India saw over 20% growth in trademark filing whereas in respect of industrial design filing activity, it witnessed a 13.6% rise.