* With a total population of 1.3 billion, 50% being under the age of 25, India has a large pool of young and skilled workforce.
* India has a large reservoir of scientific human resources including scientists and engineers.
* The Biotech-KISAN program has helped 160,000 farmers during the past year (January 2022-December 2022).
* 9 DBT-supported biotech parks and 60 BIRAC-supported bio-incubators.
* In the Union Budget 2023-24, the Department of Biotechnology (DBT) was allotted US$ 162.7 million (Rs. 1,345 crore) to promote research and development.
* The Indian government has accepted to announce a new initiative to encourage pharmaceutical research and development (R&D) in the Union Budget for 2023-24.
* 100% under automatic route for greenfield projects for pharmaceuticals.
* While 74% is permitted under automatic route for brownfield projects, 100% under government route is permitted for brownfield investments.
* 100% under automatic route is allowed for the manufacturing of medical devices.
* Patient pool expected to increase over 20% in the next 10 years, mainly due to rise in population.
* New diseases & lifestyle changes to boost demand for drugs and devices.
The Indian biotechnology industry amounted to US$ 63 billion in 2019 and is forecast to reach US$ 150 billion by 2025.
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