Prime Minister Narendra Modi launched the Biotech Start-up Expo 2022 in New Delhi on June 9. Speaking at the event, PM Modi said India’s ‘bio economy’ had reached USD 80 billion in the last eight years.
Prime Minister Narendra Modi stated on Thursday that his administration believes in bolstering every industry to propel the country’s growth, claiming that it has abandoned its previous strategy of focusing on a few areas while disregarding others. After inaugurating the two-day Biotech Startup Expo here, Modi stated that India’s ‘bio-economy’ has risen eight times in the previous eight years, reaching USD 80 billion from USD 10 billion, and that the country is not far from joining the top ten countries in the global biotech ecosystem.
He stated that the number of startups in the country has gone from a few hundreds to over 70,000 in the previous eight years, and that his administration has worked to improve the ease of doing business and create an entrepreneurial culture.
Modi said that these 70,000 companies are located across around 60 distinct industries.
Noting that exports from some industries have reached new highs, he stated that the country’s need is to support and grow all sectors, and that his administration is examining all options to accelerate India’s development.
He believes that the biotech sector is critical to reviving the country’s growth. Noting that worldwide faith in the talent and ingenuity of India’s IT workers has reached a new high, he stated that the country’s biotech industry is attracting a similar level of trust.
Diverse population, diverse climatic zones, talented human capital pool, increased efforts to improve ease of doing business, increasing demand in India for bio-products, and track record of success in this sector are the five major reasons why India is regarded as a land of opportunity in biotech, according to him.
Modi stated that the Biotech Startup Expo 2022 will promote the sector’s ‘Aatmanirbhar Bharat’ drive.
The Biotech Startup Expo-2022 will take place on June 9 and 10. The Expo has the theme ‘Biotech Startup Innovations: Towards AatmaNirbhar Bharat.’ According to the government, the Expo will serve as a forum for entrepreneurs, investors, industry leaders, scientists, researchers,
bio-incubators, manufacturers, regulators, and government officials to connect.