New Delhi, March 10 -- Union Minister of Commerce & Industry Piyush Goyal, on Monday, called for making India's IP approval system among the top five globally in speed, transparency and efficiency. While emphasising the need to strengthen the innovation ecosystem, the Minister highlighted the importance of encouraging wider participation from startups, MSMEs, women, and youth.

According to a Ministry of Commerce & Industry release, the government aims to create a faster disposal mechanism for intellectual property applications to allow innovators to bring their ideas to market quickly.

Addressing the National IP Awards & IP Conference in New Delhi, Goyal said that faster and more efficient disposal of applications related to trademarks,...