Union Minister Dr Jitendra Singh Highlights Growth Potential of Biotech Startups in India’s Future Economy

• ByStartupStory     |    July 9, 2023

During a discussion meeting for fostering the biomanufacturing initiative of the Department of Biotechnology (DBT), Union Minister Dr Jitendra Singh underscored the crucial role played by biotech startups in shaping India’s future economy. Dr Singh emphasized that biotechnology has the potential to become a powerful instrument of global trade and that India’s bioresources, particularly in the Himalayas, provide a unique advantage waiting to be harnessed.

Dr Singh revealed that the number of biotech startups in India has grown significantly over the past few years. “We had just about 50 biotech startups eight to nine years back, now we have around 6,000,” he stated. However, he emphasized the need for more biotech startups in the country to fully leverage its potential.

Under the leadership of Prime Minister Narendra Modi, India’s bioeconomy has witnessed remarkable growth. Dr Singh highlighted the growth trajectory, stating, “India’s bioeconomy was just about $8 billion in 2014, and now, we have at least awakened to the merits of biotechnology and bioeconomy. It has grown up to $100 billion, and now we are targeting $150 billion by 2025. This is going to be the ‘future value addition’ to India’s economy in the years to come.”

Biotechnology startups represent a distinct category that combines cutting-edge research in biology and manufacturing, focusing on the processing of living systems such as micro-organisms and self-cultures. Dr Singh highlighted that these startups have the potential to serve as instruments of manufacturing and contribute to a cleaner and greener environment. He also emphasized the generation of profitable livelihood opportunities through the production of bio-based products like food additives, bioengineering ties, and animal feed products.

Follow Startup Story