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India’s bio-economy grew 8 times in 8 years: Jitendra Singh

Three biotech startups were incorporated every day in 2021 and a total of 1,128 biotech startups were set up in 2021, signalling the rapid growth of the sector in India. (File Photo: AFP)Premium
Three biotech startups were incorporated every day in 2021 and a total of 1,128 biotech startups were set up in 2021, signalling the rapid growth of the sector in India. (File Photo: AFP)

From a paltry investment of 10 crore in bio-economy in 2014, funding has jumped to 4,200 crore in 2022, creating over 25,000 high skilled jobs. The number of biotech incubators have increased from 6 in 2014 to 75 now, while biotech products have increased from 10 to more than 700 today.

New Delhi: Union minister Jitendra Singh on Saturday said that India’s bio-economy has grown eight times in as many years under Prime Minister Narendra Modi, from $10 billion in 2014 to over $80 billion in 2022.

Addressing an “International Conference on Emerging Trends in Biosciences and Chemical Technology- 2022" in Jammu, the minister said, biotech startups have grown 100 times in the last eight years from 52 odd startups in 2014 to 5,300 plus in 2022.

He said three biotech startups were incorporated every day in 2021 and a total of 1,128 biotech startups were set up in 2021, signalling the rapid growth of the sector in India.

The minister pointed out that from a paltry investment of 10 crore in bio-economy in 2014, funding jumped to 4,200 crore in 2022, creating over 25,000 high skilled jobs. He said the number of biotech incubators have increased from 6 in 2014 to 75 now, while biotech products have increased from 10 to more than 700 today.

Singh pointed out that India administered nearly 4 million doses of COVID-19 vaccines per day and a total of 1.45 billion doses in 2021. Similarly, an estimated 1.3 million COVID-19 tests were conducted each day in 2021, wiith a total of 507 million tests in 2021.

He also pointed out that biotech industry crossed one-billion-dollar R&D spend, thanks to Covid economy and it almost trebled within a year from 320 million dollars in 2020 to 1,02 billion dollars in 2021. The Minister said, India will soon enter the league of top-5 countries in biotech’s global ecosystem.

Singh quoted PM Modi to point out the five big reasons why India is 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 and fifth- India’s biotech sector and its track record of success.

Referring to the growing reputation and profile of Indian professionals on the global stage, Singh said, there is growing trust in the skill and innovation of Indian IT professionals in the world and in this bio-economy decade, the same will be true for the professional of India.

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