Union Minister for Commerce and Industry Piyush Goyal today said that innovation and Intellectual Property (IP) must go hand in hand to unlock country’s full IP potential and called for converting every new idea into a protected asset. Addressing the valedictory session of World Intellectual Property Day 2026 in New Delhi, the Minister urged innovators, students and stakeholders to actively register their ideas through patents, trademarks and other IP instruments.

Mr Goyal announced that the fees for intellectual property registrations related to sports will be waived for a period of three years. The Minister said that the decision has been taken as a special measure to promote innovation in the sports ecosystem of the country. He said this initiative aims to encourage young innovators and entrepreneurs to protect and commercialise their ideas, while strengthening the overall IP ecosystem.

The Minister emphasised that intellectual property enhances value creation, citing examples from the sports sector where structured IP frameworks, branding and media rights have significantly increased economic returns. He added that registering ideas not only safeguards innovation but also enables better monetisation through franchising and wider market access.