Union Minister Dr. Jitendra Singh emphasized the critical role biotech startups play in forming India's future economy during a discussion meeting for the Department of Biotechnology's (DBT) biomanufacturing project. Dr. Singh stressed that biotechnology has the potential to be a tremendous tool for international trade and that India's bioresources, especially those found in the Himalayas, offer a distinct edge just waiting to be tapped.

 

As per Dr. Singh, India has seen a considerable increase in the number of biotech businesses over the past several years. Approximately 50 biotech startups existed eight to nine years ago; today, there are approximately 6,000. To fully realize the potential of the industry, he underlined the need for additional biotech startups in the nation.

 

The bioeconomy of India has grown remarkably under the direction of Prime Minister Narendra Modi. Dr Singh highlighted the growth trajectory, stating, “India’s bioeconomy was just about $8 billion in 2014, and now, we have at least awakened to the merits of biotechnology and bioeconomy. It has grown up to $100 billion, and now we are targeting $150 billion by 2025. This is going to be the ‘future value addition’ to India’s economy in the years to come.”

 

Innovative research in biology and manufacturing are combined in the unique category of biotechnology startups, which focuses on the processing of biological systems like microorganisms and self-cultures. Dr. Singh emphasized the potential for these firms to act as manufacturing tools and promote a cleaner, greener environment. He also stressed how the development of bio-based goods including food additives, bioengineered materials, and animal feed products can create prospects for successful livelihoods.