"India is Emerging as World's Major Bioeconomy with Fast Growing Biotech Startups"

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 said that under Prime Minister Narendra Modi, India is emerging as the world's major bioeconomy with fast growing Biotech StartUps.

Delivering the inaugural address at the 20th Anniversary celebrations of Association of Biotechnology Led Enterprises (ABLE) today at India Habitat Centre here, Dr Jitendra Singh said that India has developed four indigenous Vaccines in just two years under “Mission COVID Suraksha” and augmented the manufacturing of Covaxin, and created necessary infrastructure for smooth development of future vaccines, so that our country is pandemic ready.

The Minister said that in the Global Innovation Index 2022, India has moved to 40th rank from 81st position. We must now aspire to be in the top 25 in the near term and in the top five by India @ 100. Prime Minister Mr Narendra Modi has provided a huge impetus to innovation by adding Jai Anusandhan to the country’s evergreen slogan of Jai Jawan, Jai Kisan, Jai Vigyan, he added.

Dr Jitendra Singh said that India has the third-largest StartUp ecosystem and is home to the fastest-growing unicorns. Startups are very important as they are a source of new ideas and technologies. India’s Startups and R&D outcomes are setting global benchmarks and are at par with the world. Today the young talent of India, including women via startups or otherwise, are scripting the story of success for a thriving innovation led economy.

The Minister said that an enabling atmosphere for innovation was missing in the earlier policy initiatives and political dispensation but now that atmosphere is being provided by the political dispensation led by our Prime Minister Narendra Modi, India is leapfrogging.

Dr Jitendra Singh said, the Indian industry is the backbone of the fastest growing large economy of the world and has the potential to revolutionize and bring in a technology movement. Integration of Research, Startups, Academia and Industry is no longer an option but a dire necessity to attract young innovators in the country, he said.

The Minister said that ABLE in its 20th year of inception can make significant contribution to develop technologies, products, and providing solutions that help the global community at large.

He appreciated ABLE for bringing out a publication, “Enablers of Indian Biotech”, on the occasion of its 20th Anniversary.

Dr Jitendra Singh called upon the Industry to help India achieve the target of $300 billion BioEconomy by 2030 and $1 trillion BioEconomy in the centenary celebration of India – India@100.