New Delhi, Nov 23 (KNN) The Union Minister of Commerce and Industry, Piyush Goyal has said the Government has simplified the Patents regime for Start-ups, Micro Small and Medium Enterprises (MSMEs) among others to encourage innovation.

While addressing a gathering after giving away Awards at the Global Bio-India Summit, 2019 on Friday, Goyal assured the Department of Industries will extend all support to new and emerging enterprises in Biotechnology sector.

The Minister further said biotechnology is a key sector to fulfill India's aspirations.

"The Prime Minister's Vision of New India is intertwined to DBT's enterprising endeavours. The aspirations of 1.3 billion Indians rests on our success to adopt technology, - innovations that lead to transformations," he added.

Goyal said India was the first country in the world to have a separate Department of Bio-Technology.

"Outside the US, the largest number of FDA approved drugs, 523 in numbers, come from India. From the present nearly Rs 3.5 lakh crore worth of BT industry in India, the DBT aims to top Rs 7 lakh crore output by 2025 and analysts say this could even touch Rs 11/12 lakh crores," he asserted.

Calling upon academia, industry and government to come together, Goyal said sustainability will be the fulcrum for innovation.

He also gave away GBI awards and also released various reports besides launching a web portal for BT Start-ups.

Member, NITI Aayog, Dr Vinod K Paul and Secretary, DBT, Dr Renu Swarup also addressed the gathering.

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