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Union Minister Dr. Jitendra Singh, responsible for Science and Technology, PMO, Department of Atomic Energy, Department of Space, and Personnel, Public Grievances, and Pensions, highlighted the critical role of biotech startups in shaping India’s future economy. Inaugurating a discussion meeting on the Department of Biotechnology’s (DBT) Biomanufacturing Initiative in New Delhi, Dr. Singh emphasized the need for further growth in this sector. He noted that while India had only around 50 biotech startups 8 to 9 years ago, that number has now surged to approximately 6,000.
India’s Bioeconomy Potential and Advantages
Dr. Jitendra Singh attributed the rise of biotech startups to the awakening of India’s bio-economy potential under the leadership of Prime Minister Shri Narendra Modi. He highlighted the impressive growth of India’s bio-economy, which has increased from $8 billion in 2014 to $100 billion, with a target of reaching $150 billion by 2025. The minister also emphasized India’s strong position globally, ranking 12th in the world and 3rd in the Asia Pacific in terms of the bio-economy, while also holding the top spot in vaccine production.
Dr. Singh further underscored the vast bioresources available in India, including the unique biodiversity of the Himalayas and the 7,500-kilometer coastline. He mentioned the recent launch of Samudrayaan, a project aimed at exploring the biodiversity beneath the seas. The minister highlighted that biotechnology has the potential to become a significant instrument for global trade, leveraging India’s abundant bioresources.
Additionally, Dr. Jitendra Singh noted the rising popularity of biotechnology as a career option among youth. A recent survey conducted among Class 12 students in Delhi revealed that biotechnology ranked as the preferred stream, indicating a growing interest in this field. The minister emphasized the importance of promoting awareness about the potential of biotechnology to attract young minds and encourage their participation in the sector.
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