India is Emerging as World Leader in Biotech Says Union Minister By CIOTechOutlook Team

India is Emerging as World Leader in Biotech Says Union Minister

CIOTechOutlook Team | Friday, 05 January 2024, 03:38 IST

Union Minister Jitendra Singh of Jammu and Kashmir remarked that while the country is rising as a world leader in biotechnology, Kathua, which has north India's first biotech industrial park, is emerging as the startup nerve center. The minister stated that the country's biotech ecosystem is rapidly developing, with over 6,500 companies and 75 bio-incubators established by the Department of Biotechnology (DBT) - Biotechnology Industry Research Assistance Council (BIRAC).

"India's bioeconomy has experienced a remarkable surge of 29 per cent, surpassing the significant milestone of $100 billion," said Singh in his address at the inauguration of Biotech Startups Expo on 'Emerging Startup Trends in north India' at the biotech park here.

"The bioeconomy has reached an impressive $137.2 billion in 2022. Each month, India's bioeconomy has contributed $11.4 billion to the national GDP," he added.

Singh said India's collective efforts and advancements in the biotechnology sector underscore the nation's potential as a global player in the field, as per economic times.

Asserting that the innovation ecosystem is thriving, the minister stated that India aspires to be one of the top five global bio-manufacturing hubs and one of the top ten biotechnology destinations in the world.

"The rise of biotech startups is pivotal for the country's future economy. These startups have experienced remarkable growth, increasing from just about 50 in 2014 to over 6,756 in 2022," he said.

Singh stated that as India moves forward, it is critical to focus on the sustainability and scale-up of innovators and firms, as well as to continue to offer an enabling ecosystem to ensure "we can create a national and global impact".