Modi says trust in the skill and innovation of our IT professionals in the world is at new heights
Prime Minister Narendra Modi said India’s bio-economy has grown 8 times in the last 8 years to US$80 billion from US$10 billion, and the country is not too far from reaching the league of top-10 countries in Biotech’s global ecosystem.
Inaugurating the Biotech Startup Expo – 2022 on 9 June, he also noted the contribution of Biotechnology Industry Research Assistance Council (BIRAC) in the development of the sector in the country.
Talking about the growing reputation of Indian professionals on the global stage, the Prime Minister said, “Trust in the skill and innovation of our IT professionals in the world is at new heights.
“This same trust and reputation, this decade, we are seeing happening for the Biotech sector of India and for the Bio Professionals of India.”
There are, Modi said, five big reasons why India is being considered a land of opportunities in the field of biotech.
First: Diverse population and diverse climatic zones;
Second: India’s talented human capital pool;
Third: Increasing efforts for ease of doing business in India;
Fourth: The demand for Bio-Products is increasing continuously in India;
Fifth: India’s Biotech Sector and its track record of success.
Unprecedented steps are being taken which are clearly manifested in the startup ecosystem in the Biotech Sector.
“In the last 8 years, the number of start-ups in our country has increased from a few hundred to 70,000 in about 60 different industries. In this also, more than 5,000 startups are associated with biotech.
“Every 14th startup in the bio technology sector and more than 1,100 such bio tech startups emerged in the last year itself,” he highlighted.
Further talking about the shift of talent towards the sector, the Prime Minister noted that the number of investors in biotech sector has risen by 9 times and biotech incubators and funding for them has increased by 7 times.
“Number of Biotech incubators have increased from 6 in 2014 to 75 now. Biotech products have increased form 10 products to more than 700 today,” he told delegates at the inauguration.
Platforms like BIRAC are being strengthened and many other sectors are seeing this approach, he added.
He gave example of Startup India for start ups. IN-SPACe for space sector, iDEX for defence startups, India Semiconductor Mission for Semi-Conductors, Smart India Heckathons for encouraging innovations among the youth and also, the Biotech start-up Expo.
“Inculcating the spirit of Sabka Prayas, the government, through new institutions is bringing together the best minds of the industry on a single platform. This is another big benefit to the country.
“The country gets new breakthroughs from research and academia, the industry helps in what is a real-world view, and the government provides the necessary policy environment and necessary infrastructure,” he elaborated.
Modi emphasized, “Biotech sector is one of the most Demand Driven Sectors. The campaigns for Ease of Living in India over the years have opened up new possibilities for the biotech sector.”
He pointed out that developments health, agriculture, energy, natural farming, bio fortified seeds are creating new avenues for the sector. fiinews.com
