E-Paper
Nation’s bio economy has grown 8 times: PM Modi
Modi was speaking at the Biotech Startup Expo 2022, organised by the Department of Biotechnology to celebrate 10 years of Biotechnology Industry Research Assistance Council (BIRAC), and showcasing 75 successful startups supported by the agency. He also launched a Biotech products e-portal of 750 biotech products.
Prime Minister Narendra Modi on Thursday said India’s bio economy has grown eight times in the last eight years, and the country is not far from joining the league of the top 10 countries in the biotech global ecosystem.
Modi was speaking at the Biotech Startup Expo 2022, organised by the Department of Biotechnology to celebrate 10 years of Biotechnology Industry Research Assistance Council (BIRAC), and showcasing 75 successful startups supported by the agency. He also launched a Biotech products e-portal of 750 biotech products.
The PM said that the two-day event was a reflection of the growth of the biotech sector in the country.
“We have grown from $10 billion to $80 billion. India is not too far from reaching the league of top 10 countries in biotech’s global ecosystem... The gains in India’s startup sector are clearly reflected in the biotech sector too. I invite more youngsters to explore this sector and showcase their innovative skills,” the Prime Minister said.
“India is being considered the land of opportunities in the biotech sector. Mainly five reasons — a diverse population, diverse climatic zones, talented human capital pool, efforts towards ease of doing business and demand of bio products — are responsible for it,” he said.
Modi added that the present government successfully changed the mindset that only a few sectors can contribute to economic growth. “The last eight years have seen the rise of many new sectors which have captured the imagination of our youth.”
Union ministers Piyush Goyal, Jitendra Singh, and Dharmendra Pradhan were also present at the inaugural event
Stressing that number of startups in India has increased from a few hundred to 70,000 in the last eight years across 60 different industries, the PM said that more than 5,000 of these are associated with the biotech sector.
“The biotech sector is one of the most demand-driven sectors. Campaigns for Ease of Living in India over the years have created new possibilities for the biotech sector,” Modi said. “Recently, we have achieved the target of 10% blending of ethanol in petrol. India has also reduced the target of 20% ethanol blending in petrol by five years from 2030 to 2025.”
He asserted that all these efforts will create new employment opportunities in the biotech sector.
“The number of biotech incubators has increased from six in 2014 to 75 now. Biotech products have increased from 10 products to more than 700 today,” Modi said.
