Country’s bio-economy grew 8 times in eight years: PM Narendra Modi

New Delhi, June 9

Prime Minister Narendra Modi has said India’s bio-economy has grown eight times in the last eight years and has reached $80 billion from $10 billion, noting the country is not far from reaching the league of top 10 countries in the global ecosystem of biotech.

Addressing the Biotech Startup Expo 2022 here on Thursday after inaugurating the two-day event, he said, “In the last eight years, the number of startups in the country has increased from a few hundred to more than 70,000.”

“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.”

The PM said there are several big reasons why India could become a leader in biotech — diverse population and diverse climatic zones, talented human capital pool, increasing efforts for the ease of doing business and the increasing demand for bio-products.

The PM said every 14th startup was in the biotechnology sector and more than 1,100 such biotech startups had emerged the last year itself. “The number of investors in the biotech sector has risen nine times and funding for them has increased seven times.”

Noting that exports from some sectors have hit a record, he said supporting and developing every sector is the country’s need and his government is exploring every means to give momentum to India’s development.

The biotech sector is very important in giving new momentum to the country’s development, he said. “To transcend government-centric approach, the government is encouraging a culture of providing new enabling interfaces,” PM Modi said.

PM to launch ‘special project’ in Gujarat today

When PM Modi reaches Gujarat on Friday, he will launch Astol water project, among others, which is close to his heart. A PMO statement termed it an engineering marvel which will help South Gujaratis get access to water. When the project was launched in 2018, PM had said, “Imagine water being taken to heights equal to a 200-storey building. From there, water will reach hamlets located at great heights.”

No. of startups on rise

In the last eight years, the number of startups has increased from a few hundred to over 70,000. The government has worked to boost the ease of doing business and promote a culture of entrepreneurship. Narendra Modi, Prime Minister