Indian Economy News

India registers sustained growth in bioeconomy, targets US$ 300 billion by 2030: Dr. Jitendra Singh

  • IBEF
  • July 29, 2022

India has a target of US$ 300 billion in bioeconomy by 2030 as the number of biotech firms in the nation is rising, according to Minister of State (Independent Charge) Science & Technology; Minister of State (Independent Charge) Earth Sciences; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr. Jitendra Singh.

Notably, Mr. Singh claimed that India's bioeconomy experienced steady development from US$ 44 billion in 2019 to US$ 80.1 billion in 2021. He urged all the stakeholders of the biotech sector, particularly the industries, startup ecosystem, investors, scientists, scholars, entrepreneurs, and enablers like DBT and BIRAC to collectively work to achieve the ambitious target.

He also emphasised that, as a result of the growing enabling ecosystem and the Prime Minister Mr. Narendra Modi's prioritisation, the number of biotech startups in the nation has increased from 50 to over 5,300 in the past 10 years. He expressed his hope that, by 2025, the number of biotech startups resulting from a strong talent pool will increase by a factor of two, to 10,000.

In addition, the minister stated 25 companies and entrepreneurs from the North East Region will receive financial support of up to Rs. 50 lakhs (US$ 62,791) each to create biotech solutions through the special biotech ignition grant call for the northeast region. He urged the Ministry to get in touch with the region, saying it had the talent and enormous potential to advance the biotech industry in India.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.