In a recent announcement, Union Minister Dr Jitendra Singh outlined India’s burgeoning status as a potent force in the global biotechnology landscape, foreseeing the nation’s elevation to one of the top 5 global bio-manufacturing hubs by 2025. Addressing the “Global Bio-India – 2023” event, the Minister emphasized the monumental growth and vital role played by biotechnology in various sectors of the Indian economy and future prospects for the industry.
Biotech’s Evolution and Growth
Dr Jitendra Singh highlighted the significant progression of India’s bioeconomy, noting that under the leadership of Prime Minister Shri Narendra Modi, the country has witnessed exponential growth. With the bioeconomy rising from $10 billion in 2014 to $80 billion presently, India aims to reach $300 billion by 2030.
Impact of Biotech and Startups
The Minister stressed the pivotal role of biotechnology in evolving sectors like health, medicine, agriculture, and industry. With over 6,300 biotech startups, a hundredfold increase in recent years, these startups focus on innovative technological solutions to drive sustainable and environment-friendly products.
Utilizing India’s Bioresources
Highlighting India’s wealth of bioresources, Dr Jitendra Singh underlined the advantage gained through biodiversity, unique bioresources in the Himalayas, and the country’s expansive coastline. India’s vast bioresources are considered vital for the future of biotechnology, offering significant opportunities and innovations.
Biotech and the Indian Economy
Dr Jitendra Singh emphasized the emergence of biotechnology as a significant source of livelihood in the future, citing its potential to generate lucrative avenues, alternative solutions, and a clean and green environment. He showcased success stories in areas such as Agritech and ‘Waste to Energy’ initiatives, portraying how biotech can impact society positively.
Global Recognition and Future Strategies
The Minister pointed out India’s growing recognition on the global front, especially in preventive healthcare and the vaccine industry, applauding Prime Minister Shri Narendra Modi’s vision for an Atmanirbhar Bharat. He stressed the need for comprehensive collaboration among various stakeholders and industry linkages for extensive R&D and innovation.
Enabling Milieu for Growth
Dr Jitendra Singh credited PM Modi’s leadership for creating an enabling environment for entrepreneurship and industry growth. He stressed the importance of working collectively with the private sector to harness India’s untapped potential, moving towards global benchmarks and a comprehensive research and development approach.
The discussions at the event reiterated India’s commitment to transforming itself into a powerhouse in biotechnology, highlighting the vast potential, advancements, and future strategies that position the country at the forefront of global biotechnology.
