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breaking news India’s bio-economy has grown 8 times under PM Modi since 2014: Union Minister Jitendra Singh


Addressing an “International Conference on Emerging Trends in Biosciences and Chemical Technology – 2022” here, Singh said biotech startups have grown 100-fold over the past 8 years from 52 odd startups in 2014 to more than 5,300 in 2022.

Union Minister Jitendra Singh said on Saturday that India’s bioeconomy had grown eightfold in the past 8 years under Modi’s government, from $10 billion in 2014 to over $80 billion in 2022 .

The Minister of State in the Prime Minister’s Office said three biotech startups were formed every day in 2021 and a total of 1,128 biotech startups were created last year alone, signaling the sector’s rapid growth in the world. country.

Addressing an “International Conference on Emerging Trends in Biosciences and Chemical Technology – 2022” here, Singh said biotech startups have grown 100-fold over the past 8 years from 52 odd startups in 2014 to more than 5,300 in 2022.

The conference is organized by Shri Mata Vaishno Devi University, School of Biotechnology, Jammu in collaboration with CSIR-IIIM Jammu and Biotech Research Society of India, from 3-5 December.

There are 14 international participants like USA, Greece, South Korea, Scotland, Singapore, Thailand, Argentina, Brazil, Mexico, Malaysia and Vietnam and 24 national and guest speakers and about 300 participants from almost every state in India presenting their work. in the form of oral presentations and posters, according to an official press release.

The minister pointed out that from a paltry investment of Rs 10 Crore in the bio-economy in 2014, the growth of the fund has been multiplied by 400 to reach Rs 4,200 crore in 2022, creating more than 25,000 highly qualified jobs. .

“The number of biotech incubators has grown from six in 2014 to 75 today, while biotech products have grown from 10 to more than 700 today,” he said.

Dwelling on the growth of India’s bioeconomy, Singh said India administered almost four million doses of COVID-19 vaccines per day and a total of 1.45 billion doses in 2021.

“Similarly, we performed 1.3 million COVID-19 tests every day in 2021 and a total of 507 million tests in 2021,” he said.

Singh also pointed out that the biotech industry has exceeded research and development spending by a billion dollars, thanks to the Covid economy and that it has almost tripled in one year, from 320 million dollars. in 2020 to $1.02 billion in 2021.

“India will soon enter the league of top 5 countries in the global biotech ecosystem,” he said.

The Minister quoted Prime Minister Narendra Modi to highlight the top five reasons why India is seen as a land of opportunity in biotechnology.

“Firstly, a diverse population and diverse climatic zones, secondly, India’s pool of talented human capital, thirdly, growing efforts to make it easier to do business in India, fourthly, the demand for bio-products is continuously increasing in India and fifth, India’s biotech sector and its track record of success,” he said.

Referring to the growing reputation and profile of Indian IT professionals on the global stage, Singh said there is growing confidence in the skills and innovation of Indian IT professionals globally and in this decade of the bio-economy, it will be the same for organic professionals. from India.

The scientific sessions of the conference were divided into different themes on health sciences, enzymology and molecular biology, synthetic biology, materials science and nanomaterials, natural products and green chemistry, environmental sustainability and development and plant and animal sciences.

(Edited by : Asmita pants)


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