Union Commerce and Industry Minister Piyush Goyal announced a three-year waiver of fees for intellectual property (IP) registrations in the sports sector, aiming to promote innovation and brand development. The announcement was made during the World Intellectual Property Day event, where the focus was on fostering creativity and entrepreneurship.
The initiative is expected to benefit athletes, sports startups, and organizations by reducing the financial burden associated with trademark, patent, and design registrations. By encouraging the protection of intellectual assets, the government aims to strengthen India’s sports ecosystem and enhance its global competitiveness.
Speaking at the event, Goyal highlighted the growing intersection of sports, technology, and business, noting that IP protection plays a critical role in monetizing innovation. He also emphasized the need to create awareness about intellectual property rights among young entrepreneurs and sports professionals.
The move aligns with India’s broader push to build a knowledge-driven economy, where innovation is safeguarded and incentivized. It also complements initiatives such as “Make in India” and “Startup India,” which seek to nurture new ideas and enterprises.
The fee waiver is expected to accelerate the development of sports-related technologies, merchandise, and branding, contributing to the sector’s long-term growth.
