Thursday, 7 July, 2022

India’s bio-economy grows eight times since 2014: Modi

India’s bio-economy grows eight times since 2014: Modi

NEW DELHI: Prime Minister Narendra Modi on Thursday said India's bio-economy has grown eight times in the last eight years and is not too far from joining the league of the top ten countries in the biotech global ecosystem, reports Hindustan Times.  

Addressing the Biotech Startup Expo 2022 in New Delhi, the prime minister said that the inaugural two-day event is a reflection of the expansive growth of the biotech sector in the country.

“India is being considered the land of opportunities in the biotech sector. Mainly 5 reasons - a diverse population, diverse climatic zones, talented human capital pool, efforts towards ease of doing business and demand of bio products - are responsible for it,” PM Modi told the gathering.

He said that the number of start-ups in India has increased from a few hundred to 70,000 in the last eight years across 60 different industries. He further added that more than 5,000 start-ups are associated with the biotech sector.

“The biotech sector is one of the most demand-driven sectors. Campaigns for Ease of Living in India over the years have created new possibilities for the biotech sector,” the prime minister said.

“Recently, we have achieved the target of 10 per cent blending of ethanol in petrol. India has also reduced the target of 20 per cent ethanol blending in petrol by five years from 2030 to 2025," he added, asserting that all these efforts will create new employment opportunities in the biotech sector.

Union Ministers Jitendra Singh, Piyush Goyal, and Dharmendra Pradhan were also present at the inaugural event.