Union Minister Dr Jitendra Singh says, Bioeconomy will be key to India’s future economy over the next 25 years

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Union Minister of State (Independent Charge) Science & Technology; Minister of State (Independent Charge) Earth Sciences; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh today said, Bioeconomy will be key to India’s future economy over the next 25 years.

Releasing India’s Bioeconomy Report 2022, Dr Jitendra Singh pointed out that India’s Bioeconomy has reached over 80 billion US Dollars in 2021 recording 14.1% growth over $70.2 billion in 2020. Noting the rapid growth in the sector, the Minister said, Bioeconomy is likely to touch 150 billion dollars by 2025 and over 300 billion dollars by 2030.

The Minister urged all the stakeholders of Biotech sector, particularly Industry, Startup Ecosystem, Investors, Scientists, Scholars, Entrepreneurs and enablers like DBT, BIRAC to collectively work to achieve the ambitious target.

Dr Jitendra Singh said, the number of Biotech Start-ups in the country have increased from 50 to over 5,300 in the last 10 years, because of the growing enabling ecosystem and prioritization provided by Prime Minister Narendra Modi. He hoped that Biotech Start-ups arising from strong talent pool is expected to further increase 2 times, to 10,000 plus by 2025.

The Minister recalled that Modi’s presence in the 1st National Biotech Start-up Expo 2022 organized by DBT/ BIRAC in June this year is a testimony of growth potential in the biotech sector and innovation talent pool of our Start-up ecosystem.

Dr Jitendra Singh also launched special Biotech Ignition Grant call for North East Region (BIG-NER) and announced financial support of up to Rs 50 Lakhs each to 25 startups and entrepreneurs from North East Region to develop biotech solutions. He said, North East has huge potential and talent to take forward the Biotech sector and asked the Ministry to reach out to them.

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