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Sunday, May 19, 2024

Jitendra Singh Urges Industry to Support Start-up Boom with Equal Partnership and Responsibility

According to MoSJitendra Singh, the government would encourage industry-driven start-ups to create wealth and jobs.

Jitendra Singh, Minister of State (MoS) for Science and Technology, stated that the government will encourage industry-driven startups to create wealth and jobs.

Singh also called for “equal stake with equal collaboration” in his speech to the 37th Foundation Day of the Department of Biotechnology (DBT) National Institute of Immunology, NII, Delhi, and challenged the sector to take responsibility for sustaining the startup boom.

The minister stated that startups would be viable if industry identifies the theme/subject/product from the start and invests matching equity with the government. He guaranteed that financing will not be a limitation for boosting the “innovation ecosystem” in the country.

He noted that if the sector can identify the concept, issue, or product and invest matching equity with the government, the startups would become viable.

Singh stated that India is poised to become a global bio-manufacturing hub and will rank among the top five countries in the world by 2025, citing the Biological Research Regulatory Approval Portal (BioRRAP), a national portal launched last year to provide single window clearance to startups and researchers seeking regulatory approval for biological research and development in the country.

He claims that biotech startups have increased 100 times in the previous eight years, from 52 in 2014 to over 5,300 in 2022.

He stated that three biotech firms were formed per day in 2021, with a total of 1,128 biotech startups established in 2021 alone, indicating the sector’s tremendous expansion in India.

According to a research, the Indian biotechnology sector was valued at $63 billion in 2019 and is predicted to surpass $150 billion by 2025, rising at a 16.4% CAGR.

The Covid-19 epidemic boosted the biotechnology industry. Major participants in the field include Biocon and the Serum Institute of India, as well as startups like MedGenome.

During the last two years, the Centre has been pushing entrepreneurs and has launched a variety of programmes, such as ‘Startup India,’ to aid companies. Furthermore, different state governments have been pushing entrepreneurs in order to create jobs. The prolonged fundraising winter, however, has tainted the mood, with entrepreneurs failing to raise capital. As a result, nearly 22,000 people have been laid off by Indian companies since last year

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