India’s bio-economy crosses USD 100 bn: MoS Jitendra Singh

New Delhi, July 10 (KNN) Minister of State for Science and Technology Jitendra Singh said that the biotech start-ups are crucial to India’s future economy.

Speaking at a discussion organised by the Department of Biotechnology (DBT) on fostering its bio-manufacturing initiative, Singh highlighted the exponential growth of the sector in the country.

Singh pointed out that the number of biotech start-ups in the country has increased from 50 in 2014 to nearly 6,000 at present. He emphasized on the potential of biotechnology industry to become an instrument of global trade.

He also added that country’s bio economy has witnessed significant growth in the past few years, increasing from USD 8 billion in 2014 to USD 100 billion currently. 

The Union Minister’s statement comes at a time when the Indian biotech ecosystem is projected to reach a market size of USD 150 billion by 2025.The growth is projected to be largely backed by the growing healthcare demands and a skilled workforce.

During his address, the minister pointed out that home-grown biotech start-ups could emerge as ‘instruments’ of manufacturing in the country.

In the recent times, the Indian Government has been taking a number of measures to promote biotech start-ups such as a single-window national portal for start-ups and researchers seeking regulatory clearance for biological research. 

In August 2022, the government also announced 75 ‘Amrit’ grants for collaborative biotech initiatives involving start-ups and academia.

KNN Bureau