Biotech startups are crucial to India’s future economy: Dr Jitendra Singh
Author: BI Bureau
New Delhi: Union Minister of State (Independent Charge) for Science and Technology Dr Jitendra Singh has said that the biotech start-ups are crucial to India’s future economy. “We had just about 50 biotech startups eight to nine years back, now we have around 6,000. So, I think that we still need to have more,” said Dr Jitendra Singh, inaugurating a discussion meeting for fostering the Biomanufacturing Initiative of the Department of Biotechnology (DBT) here on Saturday.
He said Prime Minister Narendra Modi awakened India to the merits and huge potential of Biotechnology in this country. “India’s bioeconomy was just about $8 billion in 2014 and now under Prime Minister Modi we have at least awakened to the merits of biotechnology and bioeconomy.”
“It has grown to $100 billion. Now we are targeting $150 billion by 2025. This is going to be the ‘future value addition’ to India’s economy in the years to come,” he said, adding, “We rank 12th in the world, third in the Asia Pacific as far as bioeconomy is concerned and rank One in vaccine production.”
“India has a huge wealth of bioresources, an unsaturated resource waiting to be harnessed and an advantage in biotechnology especially due to the vast biodiversity and the unique bioresources in the Himalayas. Then there is the 7,500 km long coastline and last year we launched the Samudrayaan which is going to dig the biodiversity beneath the seas,” he said.
“Biotechnology provides you with a milieu, an environment which will be Clean, Greener and more compatible with your well-being, then your stake gets linked. And as time passes by, it also generates lucrative sources of livelihood, also the alternatives to the petrochemicals-based manufacturing, like bio-based products like food additives, bioengineering ties, animal feed products,” he said.
Dr Rajesh S Gokhale, Secretary, DBT and Chairman, Biotechnology Industry Research Assistance Council (BIRAC), Dr Jitendra Kumar, Managing Director, BIRAC and Dr Ramesh V Sonti, Director, International Centre for Genetic Engineering and Biotechnology (ICGEB), were among the dignitaries present during the discussion meeting. /BI/
