India’s bio-economy grew 8 times in 8 years: Union minister Jitendra Singh
New Delhi: Union minister Jitendra Singh on Saturday said that India’s bio-economy has grown eight times in as many years under Prime Minister Narendra Modi, from $10 billion in 2014 to over $80 billion in 2022.
Addressing an “International Conference on Emerging Trends in Biosciences and Chemical Technology- 2022″ in Jammu, the minister said, biotech startups have grown 100 times in the last eight years from 52 odd startups in 2014 to 5,300 plus in 2022.
He said three biotech startups were incorporated every day in 2021 and a total of 1,128 biotech startups were set up in 2021, signalling the rapid growth of the sector in India.
The minister pointed out that from a paltry investment of ₹10 crore in bio-economy in 2014, funding jumped to ₹4,200 crore in 2022, creating over 25,000 high skilled jobs. He said the number of biotech incubators have increased from 6 in 2014 to 75 now, while biotech products have increased from 10 to more than 700 today.
Singh pointed out that India administered nearly 4 million doses of COVID-19 vaccines per day and a total of 1.45 billion doses in 2021. Similarly, an estimated 1.3 million COVID-19 tests were conducted each day in 2021, wiith a total of 507 million tests in 2021.
He also pointed out that biotech industry crossed one-billion-dollar R&D spend, thanks to Covid economy and it almost trebled within a year from 320 million dollars in 2020 to 1,02 billion dollars in 2021. The Minister said, India will soon enter the league of top-5 countries in biotech’s global ecosystem.