India’s Bio Economy Grew by 8 Times: PM Modi

New Delhi: Prime Minister Narendra Modi on Thursday said India’s bio economy has grown eight times in the last eight years.

Prime Minister inaugurated the Biotech Startup Expo – 2022 at Pragati Maidan, here on Thursday. Prime Minister also launched the Biotech products e portal. Union Ministers Piyush Goyal, Dharmendra Pradhan, Jitendra Singh, stakeholders of biotech sectors, experts, SMEs and investors were among those present on the occasion.

Addressing the event, Prime Minister Modi said, “India’s bio-economy has grown 8 times in the last 8 years. We have grown from USD 10 billion to USD 80 billion. India is not too far from reaching the league of top-10 countries in Biotech’s global ecosystem.” He also noted the contribution of the Biotechnology Industry Research Assistance Council (BIRAC) in the development of the sector in the country. The Prime Minister said that today, when the country is taking new pledges during the Amrit Kaal, the role of the biotech industry is very significant in the development of the country.

Highlighting the growing reputation of Indian professionals on the global stage, PM Modi said, “Trust in the skill and innovation of our IT professionals in the world is at new heights. This same trust and reputation, this decade, we are seeing happening for the Biotech sector of India and for the Bio Professionals of India.” Prime Minister listed out five factors behind the success of India’s biotech sector.

“There are five big reasons why India is being considered a land of opportunities in the field of biotech. First- diverse population and diverse climatic zones; second India’s talented human capital pool; third – increasing efforts for ease of doing business in India; fourth – the demand for bio-Products is increasing continuously in India; and fifth- India’s biotech sector that is the track record of its successes,” he said.

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