Indian Economy News

India’s biotech sector likely to reach $150 billion in 4 years: Minister

  • IBEF
  • June 13, 2022

Union Minister of State Science & Technology; Minister of State Earth Sciences; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space Dr. Jitendra Singh stated that the Indian biotech sector is likely to increase from US$ 70 billion to US$ 150 billion in the next four years. He stated at the Biotech Start-up Expo here that India is transitioning from women-specific to women-led projects in the biotech startups sector, and that its growth cannot be achieved without the active participation of women.

The minister stated that women scientists have made a niche for themselves in space, nuclear science, drone and nano-technology, and that many of the large scientific initiatives, including the most ambitious human mission, 'Gaganyaan,' set to launch in 2023, are lead by women scientists.

He also stated that the number of biotech companies in the country has expanded from 50 to over 5,000 in the previous eight years as a result of Prime Minister Mr. Narendra Modi's support and enabling environment since his election in 2014. He noted that it is likely to surpass 10,000 by 2025.

He further stated that biotechnology is the primary enabling technology driving the bio-economy, which has been identified as a rising sector. According to him, India is rated 12th in the world in biotech, third in Asia-Pacific, and the world's largest vaccine manufacturer.

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