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India’s bio-economy grew 8 times in 8 yrs; we’re not far from joining league of top-10 nations: PM Modi | India News

NEW DELHI: Prime Minister Narendra Modi said on Thursday that India’s bio-economy has “grown eight times in the last eight years from $10 billion to $80 billion” and that the country is “not too far from reaching the league of top-10 nations in biotech’s global ecosystem”.
After inaugurating Biotech Startup Expo 2022 at Pragati Maidan here, the PM hailed the contributions of the Biotechnology Industry Research Assistance Council (BIRAC) in the development of the sector. saying it has played “a big role in the new leap of new India”.
The exhibition was organized by the department of biotechnology to celebrate 10 years of BIRAC and showcase 75 successful startups supported by the agency.
The PM said the number of investors in the sector has risen by nine times and funding for them has increased by seven times. The number of biotech incubators has increased from six in 2014 to 75 now. “Biotech products have increased from 10 to more than 700 today,” PM Modi informed the gathering.
The PM added the government believes in strengthening every sector for giving momentum to the country’s development, asserting that it has changed the earlier approach of focusing on a few sectors while ignoring others.“In the last eight years, the number of startups in our country has increased from a few hundreds to 70,000. These 70,000 startups cover about 60 different industries. Of these, more than 5,000 startups are associated with biotech. Every 14th startup is in the biotechnology sector and more than 1,100 such biotech startups emerged last year itself,” the PM said.
The growing demand in the field of biofuels along with expanding R&D infrastructure is a huge opportunity for startups and SMEs associated with biotech, he further said. “Recently, we have achieved the target of 10% blending of ethanol in petrol. India has also reduced the target of blending 20% ​​ethanol in petrol by five 5 years from 2030 to 2025. All these efforts will also create new employment opportunities in the field of biotech, create new opportunities for professionals,” the PM said.
Noting that global trust in the skill and innovation of India’s IT professionals in the world is at a new peak, PM Modi went on to say that there are five big reasons why India is being considered as 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; and fifth, India’s biotech sector and its track record of success.”
The PM emphasized that the “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 sector”.
He said the government has worked tirelessly to improve the potential and power of the Indian economy, emphasizing that there is stress on the “whole of the government approach”.

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