PM Modi inaugurates Biotech Startup Expo; says 'India's bio-economy has grown 8 times in last 8 years'

Prime Minister Narendra Modi inaugurated the Biotech Startup Expo - 2022 at Pragati Maidan today. He also launched Biotech products e portal. Union Ministers Piyush Goyal, Dharmendra Pradhan, Dr Jitendra Singh, stakeholder of biotech sectors, experts, SMEs, investors were among those present on the occasion. Speaking on the occasion, PM Modi said that India’s bio-economy has grown 8 times in the last 8 years. “We have grown from $10 billion to $80 billion. India is not too far from reaching the league of top-10 countries in Biotech’s global ecosystem”, he said. The Prime Minister also noted the contribution of Biotechnology Industry Research Assistance Council (BIRAC) in the development of the sector in the country. PM Modi said that today, when the country is taking new pledges during the Amrit Kaal, role of biotech industry is very significant in the development of the country. Talking about the growing reputation of Indian professionals on the global stage, the PM Modi 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.” The Prime Minister said that that the government has worked tirelessly for the improving the potential and power of Indian economy. He emphasised that the there is stress on ‘whole of the government approach’. Mantra of Sabka Saath-Sabka Vikas is applicable on the different sectors of India also, he said. This has resulted in reversal of the scene when few selected sectors were focused upon and other were left to fend for themselves. Today, he said, every sector is giving impetus to the development of the country, that is why every sector’s ‘Saath’ and every sector ‘Vikas’ is the need of the hour. This change in thinking and approach is giving results, he added. He gave examples of focus on a much larger number of sectors in recent years. For biotech sector too, unprecedented steps are being taken which are clearly manifested in the startup ecosystem. “In the last 8 years, the number of start-ups in our country has increased from a few hundred to 70 thousand. These 70 thousand start-ups are made in about 60 different industries. In this also, more than 5 thousand startups are associated with biotech. Every 14th startup in the bio technology sector and more than 1100 such bio tech startups emerged in the last year itself”, the PM Modi informed. Further talking about the shift of talent towards the sector the Prime Minister said 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 Bio tech incubators have increased from 6 in 2014 to 75 now. Biotech products have increased form 10 products to more than 700 today”, he informed. The Prime Minister said in order to transcend government-centric approach, the government is encouraging a culture of providing new enabling interfaces. Platforms like BIRAC are being strengthened and many other sectors are seeing this approach. 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 emphasised that “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, he concluded. Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.