NEW DELHI: Union Minister Dr Jitendra Singh has said that India is on the way to becoming one of the top five global bio-manufacturing hubs. Speaking at the 37th Foundation Day of the Department of Biotechnology (DBT) at the National Institute of Immunology on Sunday, Dr Singh said India acquire the prestigious position by 2025.
He said the Modi government was committed to promoting an innovation ecosystem in the country for industry-driven startups to facilitate jobs. Dr Jitendra Singh, who is Minister of State (independent charge) Science and Technology, said: “The government will promote industry-driven start-ups to create wealth and jobs. “Startups will become sustainable if the industry identifies the subject/product from the very beginning and invest a matching equity with the government,” he said.
The minister also called for an equal stake with equal partnership and responsibility by industry to sustain the startup boom. Elaborating on the PM’s idea of an “Atma Nirbhar Bharat”, the minister said India’s vaccine strategy has brought together the pharmacy, industry, and academia in partnership, keeping an eye on meeting the current as well as possible future challenges. He pointed out that the idea behind such initiatives was aimed at bringing about a sustainable partnership in the long run and providing a sustainable source of livelihood to India’s youth.
Highlighting the government initiatives, the minister reiterated that India’s bio-economy has grown eight times higher in the last eight years under PM Modi from $ 10 billion in 2014 to over $80 billion in 2022.
“There is more to cheer about: biotech startups have also multiplied 100 times in the last eight years in the country from 52-odd startups in 2014 to more than 5,300 startups in 2022.
A total of 1,128 biotech startups were brought into form in 2021 alone exhibiting the pace of growth taking place in this sector,” he said. He said the biotech sector in India has made a contribution in many fields due to the support it received from government and private sectors.
Record growth in 8 years
India’s bio-economy grows 8 times in eight years -- from $10 b in 2014 to over $80 b in 2022
Biotech startups multiply 100 times from 52-odd startups in 2014 to more than 5,300 startups in 2022
1,128 biotech startups brought to fruition in 2021
Department of Biotechnology has 15 theme-based autonomous institutions across the country