Bio-economy grew 8 times in as many years: Union Minister Jitendra Singh

Our Correspondent

Srinagar, December 3

Union Minister Jitendra Singh on Saturday said India’s bio-economy, the production of renewable biological resources and their conversion into value-added products, had grown eight times in the past eight years under the Modi government from $10 billion in 2014 to over $80 billion in 2022.

Three biotech startups were incorporated every day in 2021, signalling the rapid growth, said Singh, who is Minister of State in the PM’s Office. The biotech startups had grown 100 times from 52 in 2014 to over 5,300 in 2022, he said while addressing an ‘International Conference on Emerging Trends in Biosciences and Chemical Technology’ in Jammu. The conference is being organised by Shri Mata Vaishno Devi University, School of Biotechnology, Jammu in collaboration with CSIR-IIIM Jammu and the Biotech Research Society of India, from December 3 to 5.

There are 14 international participants from the US, South Korea, Singapore and other nations besides 24 national keynote and invited speakers and around 300 participants from almost every state of India presenting their work, an official release said. The minister pointed out that from a paltry investment of Rs 10 crore in bio-economy in 2014, the fund growth saw 400 times hike to Rs 4,200 crore in 2022, creating over 25,000 high-skilled jobs. “Biotech incubators have increased from six in 2014 to 75 now, while biotech products have increased from 10 to more than 700 today,” he added.

Dwelling on the growth of India’s bio-economy, Singh said India administered nearly four million doses of Covid vaccines per day and a total of 1.45 billion doses in 2021.

5,300 biotech startups

• 100 times growth seen in biotech startups as the number grew from 52 in 2014 to 5,300 in 2022.
• 25,000 skilled jobs created as Rs 10 crore investment grew to over Rs 4,200 crore in 8 years.

14 nations take part in int’l conference

• US, South Korea among 14 countries taking part in International Conference on Emerging Trends in Biosciences and Chemical Technology.
• 24 key speakers from across India and 300 participants from almost every state are presenting their work at the conference.