PM Modi hails biotech startups, praises $80 billion BioEconomy
- by Narayanan Suresh - 09 Jun, 2022
New Delhi, June 9,2022
Inaugurating the country’s Biotech Start Up Expo at Pragati Maidan in Delhi on June 9 to celebrate the 10th Foundation Day of BIRAC ( Biotechnology Industry Research Assistance Council), Prime Minister Modi congratulated the spirit of entrepreneurship that saw the forming more than 1100 startups in 2021.
“ In the last 8 years, the country has witnessed the formation of over 70,000 technology startups and more than 5,000 of these are in the biotech sector, “ Mr Modi said. Also the national BioEconomy has grown by 8 times in the last years to $ 80 billion in 2021, he said. These numbers are part of the India BioEconomy Report 2021 (IBER 2021) produced by Make in India Cell of BIRAC. ABLE ( www.ableindia.in) has assisted with the production of IBER 2021.
Before the formal speech Mr Modi inaugurated the country’s Biotech Startup Expo that displays a wide range of innovative products developed by over 300 biotech startups funded by BIRAC under the Department of Biotechnology(DBT).
“The Biotech Startup Expo is a reflection of the country’s rapid expansion in the biotech sector,” Mr Modi said.
Prime Minister Narendra Modi, in his speech, said that the country's first Biotech Startup Expo is a reflection to the country's rapid expansion in the biotech industry.
Mr Modi pointed out that the world is looking at India as land of biotech opportunity due to five key factors: a diversified population, varied climates and a talented workforce, initiatives to relax corporate regulations and a growing demand for bio goods.
He mentioned that the world admires the manufacturing and distribution prowess of India in producing over 2 billion ( 200 crore) doses of Covid vaccines within the country and even exporting to the world belying crtics about the country’s ability to handle such massive vaccination scale.
The biotech sector was further set to expand with the increasing use of biofuels. The Prime Minister said his government’s decision to double the blending of biofuels in petrol from 10 to 20% by 2025 will spur huge demand for the green fuel and help the country to reduce dependence of fossil fuel exports. The country is gearing up setting up nearly dozen bioethanol plans to meet the growing demand for the green fuel.
The two-day event will see the release of a Book on 75 Women in Biotech and 75 Biotech products produced by innovative startups in the country, to mark the forthcoming 75th anniversary of India’s Independence.
The 10th Foundation Day of BIRAC was an occasion for the Prime Minister Mr Narendra Modi to praise the efforts of India’s vibrant $80 billion BioEconomy that grew by 14% during the Covid Pandemic in 2021.