Bio-economy of the country grew 8 times in the past 8 years : PM Narendra Modi

9 Jun 2022 , 03:27 PM

Prime Minister Narendra Modi stated at the first-ever Biotech Start-up Expo on Thursday that India’s bio-economy has risen eightfold in the last eight years, from $10 billion in 2014 to $80 billion in 2022.

The Department of Biotechnology and the Biotechnology Industry Research Assistance Council is hosting the event (BIRAC). The government believes that encouraging sector innovation will yield incremental gains and help the country achieve self-sufficiency (atmanirbharta).

“India’s bio-economy isn’t growing by accident. It is because of India’s diversified population, large talent, and capital pool, emphasis on ease of doing business, expanding demand for bio goods, and the sector’s past success, “Modi stated.

Since the start of the Covid pandemic, the government has emphasized the importance of having a strong domestic biotech sector as a buffer against geo-economic disruptions, as well as accelerating development in fields like agriculture.

Modi claimed that the number of initiatives being taken in India to boost the biotech sector was unparalleled. “The number of startups has increased from a hundred to 70,000 in the last eight years. These are split into 60 various industries, however, it’s worth noting that every 14th startup (5300) is in the biotech industry.

Because the biotech sector is mostly demand-driven, Modi believes that in the future years, a big consumer base will be built for the many sectors within the sector. Modi stated that a holistic ecosystem for innovation and research and development is being established to help with the increase in demand. “There are a lot of innovative interfaces being developed. Apart from the overarching Startup India effort, the government has launched a number of initiatives for defense, space, and semiconductor firms,”he stated.

In a short amount of time, India’s biotech sector has won both domestic and international praise for producing millions of diagnostic kits, personal protective equipment, critical care equipment, ventilators, and recuperative devices.

The Prime Minister also unveiled the biotech showcase webpage, which features 750 local biotech items and innovations. According to the Prime Minister’s Office, the Expo will serve as a forum for connecting entrepreneurs, investors, industry leaders, scientists, researchers, bio-incubators, manufacturers, regulators, and government officials.

The Expo will feature about 300 stalls showcasing biotechnology applications in disciplines such as healthcare, genomics, biopharma, agriculture, industrial biotechnology, waste-to-value, and clean energy, among others.