India's bio-economy has grown 8 times in the last 8 years: PM Modi

Published By : Admin | June 9, 2022 | 11:01 IST
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“India's bio-economy has grown 8 times in the last 8 years. We have grown from $10 billion to $80 billion. India is not too far from reaching the league of top-10 countries in Biotech's global ecosystem”
“We are seeing the same respect and reputation for our Biotech sector and for the Bio Professionals of India as we saw for our IT professionals in the past decades”
“Mantra of Sabka Saath-Sabka Vikas is applicable on the different sectors of India. Now all sectors are being promoted in ‘whole of the government’ approach”
“70 thousand start-ups in about 60 different industries are registered today. More than 5 thousand startups are associated with biotech”
“1100 biotech startups emerged in the last year itself”
“Inculcating the spirit of Sabka Prayas, the government is bringing together the best minds of the industry on unified platforms”
“Biotech sector is one of the most Demand Driven Sectors. The campaigns for Ease of Living in India over the years have opened up new possibilities for the biotech sector”

My colleagues in the Union Cabinet, dignitaries associated with the biotech sector, guests from India and abroad, experts, investors, all industry colleagues, including from SMEs and start-ups, ladies and gentlemen!

I congratulate all of you for participating in the country's first Biotech Start-Up Expo and for introducing this potential of India to the world. This expo is a reflection of the exponential growth of the biotech sector of India. India's bio-economy has grown eight times in the last eight years from $10 billion to $80 billion. India is not too far from reaching the league of top 10 countries in biotech's global ecosystem. The Biotechnology Industry Research Assistance Council i.e. BIRAC has played a huge role behind the new leap that India has taken. BIRAC has made an important contribution in the unprecedented expansion of research and innovation in India in the past few years. I extend many congratulations to all of you on this important milestone in the successful journey of 10 years of BIRAC. The young talents of India, biotech start-ups of India, their potential and the future roadmap for the biotech sector have been presented elegantly in this exhibition. At a time when India is celebrating the Amrit Mahotsav of independence and is setting new goals for the next 25 years, the role of the biotech sector is very important in giving a new impetus to the country's development. The Biotech Startups, Biotech Investors and Incubation Centers showcased at the exhibition are in sync with the aspirations of a new India. About 750 biotech products are listed on the e-portal which was launched a while back. It also shows the potential and expansion of India's bio-economy and its diversity.

Friends,

There is presence of almost every sector related to the biotech industry in this hall. We also have a large number of biotech professionals associated with us online. You will be discussing the opportunities and challenges before the biotech sector in this expo in the next two days. In the last few decades, we have seen the growing reputation of our doctors and health professionals in the world. The environment of trust in the world regarding the skill and innovation of our IT professionals has reached a new height. We can see the same trust and reputation for the biotech sector of India, for the Bio-professionals of India, in this decade. I have faith in you, in the biotech sector of India. I would also like to elaborate on the reason regarding this faith.

Friends,

Today, if India is being considered as a land of opportunities in the field of biotech, then I see five big reasons among many reasons. First - diverse population, diverse climatic zones; Second - India's talented human capital pool; Third - ease of doing business in India; Fourth – the increasing demand for bio-products in India; and Fifth - India's biotech sector i.e., the track record of your successes. Together, these five factors increase the power of India manifold.

Friends,

The government has worked continuously in the last eight years to expand this potential of the country. We have put emphasis on Holistic and the Whole of Government Approach. When I insist on ‘Sabka Saath - Sabka Vikas’, it applies to different sectors of India as well. There was a time when only a few sectors were strengthened while the rest of them were left on their own. We have changed this thinking and approach. In today's new India, the development of every sector will give impetus to the development of the country. Therefore, the support and development of every sector is the need of the country today. Therefore, we are exploring every avenue that can accelerate our growth. This significant change in thinking and approach is also giving better results to the country. We created a record $250 billion in service exports by focusing on our strong service sector. We also made a record export of products worth $ 420 billion by focusing on export of goods. We are also continuing with our efforts seriously for other sectors. When we implement the PLI scheme in the textiles sector, then we also extend the same scheme for drones, semiconductors and high-efficiency solar PV modules. The number of steps India is taking today for the development of the biotech sector is unprecedented.

Friends,

You can see the government efforts in great detail in our start-up ecosystem. In the last eight years, the number of start-ups in our country has increased from a few hundred to 70,000. These 70,000 start-ups have been created in about 60 different industries. Importantly, more than 5,000 start-ups are associated with biotech. In other words, every 14th start-up in India is being built in the biotechnology sector. Of these, more than 1100 start-ups have been created only last year. You can imagine how a sizeable talent of the country is rapidly moving towards the biotech sector.

Friends,

The biotech sector has also benefited greatly from the steps we have taken in the last few years under the Atal Innovation Mission, Make in India and AtmaNirbhar Bharat campaign. The number of people investing in our biotech start-ups has grown by nine times since the launch of the Start-Up India. The number of biotech incubators and total funding has also increased by almost seven times. In 2014, there were only six bio-incubators in our country, today it has increased to 75. We had 10 biotech products in our country eight years ago. Today this number has grown to over 700. The biotechnology sector is also benefiting from the unprecedented investments India is making in its physical and digital infrastructure.

Friends,

There is another important reason behind this new found enthusiasm among our youth. This positivity stems from the fact that now a modern support system of R&D is being available to them in the country. All necessary reforms from policy to infrastructure are being undertaken. Leaving behind this work culture that ‘the government alone knows everything and the government alone will do everything’, now the country is moving forward with the spirit of 'Sabka Prayas' (everyone’s efforts). Therefore, many new interfaces are being prepared in India today and platforms like BIRAC are being empowered. Be it the Startup India campaign for start-ups, IN-SPACe for space sector, iDEX for defence start-ups, Indian Semiconductor Mission for semiconductors, Smart India Hackathon to encourage innovation among youth, the Biotech Start-Up Expo, the government is bringing together the best minds of the industry on a single platform through innovative institutions and promoting the spirit of collective efforts. The country is benefiting in a big way from these efforts. The country gets new breakthroughs from research and academia, the industry helps in what is a real world view, and the government provides the necessary policy environment and infrastructure.

Friends,

We have seen throughout the period of Covid how there can be unexpected results in a short span of time when these three work in tandem. From essential medical devices, medical infra to vaccine research, manufacturing and vaccinations, India did what no one could have imagined. At that time, various questions were being raised in the country. How will the tests be carried out in the absence of testing labs? How will there be coordination between different departments and the private sector? When will India get the vaccines? Even if the vaccines are found, how many years will it take to get everyone vaccinated in such a big country? Many such questions came before us time and again. But today with the power of ‘Sabka Prayas’ India has answered all the doubts. We have administered about 200 crore vaccine doses to the countrymen. The synergy between government, industry and academia from biotech to all other sectors has brought India out of the major crisis.

Friends,

The biotech sector is one of the most demand-driven sectors. The campaigns for Ease of Living in India over the last few years have opened up new possibilities for the biotech sector. The way the treatment has been made affordable and accessible for the poor in the villages under the Ayushman Bharat scheme, the demand for the healthcare sector is increasing a lot. New opportunities have also emerged for bio-pharma. We are expanding these opportunities through telemedicine, digital health ID and drone technology. There is going to be a huge consumer base in the country for biotech in the near future.

Friends,

Along with pharma, the major changes that India is introducing in the agriculture and energy sector are also offering new hope for the biotech sector. Bio-fertilizers and organic fertilizers are being encouraged to promote chemical free farming. Bio-fortified seeds are also being promoted to reduce the impact of climate change on agriculture and overcome malnutrition. The growing demand in the field of bio-fuels and expansion in R&D infrastructure is a huge opportunity for start-ups and SMEs associated with biotech. Recently, we have achieved the target of 10 percent blending of ethanol in petrol. India has also reduced the target of 20 percent blending of ethanol in petrol by five years from 2030 to 2025. All these efforts will create new employment opportunities for biotech professionals in the field of biotech. The government has recently started the campaign of saturation of the beneficiaries, cent percent empowerment of the poor, and that can also give new strength to the biotech sector. In effect, there are opportunities galore for the growth of the biotech sector. There is another big advantage for the biotech sector in the field of generic medicines and vaccines which has created a massive trust in the world. I am sure you will discuss in detail every possibility related to the biotech sector in the next two days. BIRAC has completed its 10 years. I also urge you to start working on the goals and actionable points from now on for the eminence of BIRAC when it completes its 25 years. I congratulate all of you for attracting the younger generations of the country for this wonderful event and for presenting the potential skills of the country to the world. I wish you the very best!

Thanks a lot!

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India’s formal sector employment moved up with the total number of workers employed across nine sectors at 31.8 million.

India is making strides in every sector under PM Modi's leadership