India's Bioeconomy Grown From $10 Bn To Over $80 Bn In Last 8 Years: Jitendra Singh

India's bioeconomy has grown eight times from USD 10 billion in 2014 to over USD 80 billion in 2022, said the Union Minister of State for Science & Technology Jitendra Singh on Sunday.

Similarly, biotech startups have grown 100 times in the last 8 years from 52 odd startups in 2014 to 5300 plus in 2022, Singh reiterated.

Speaking at the National Institute of Immunology (NII), Delhi, Singh called for equal stakes with equal partnership and responsibility by Industry to sustain the Startup's boom.

He said, three biotech startups were incorporated every day in 2021 and a total of 1,128 biotech startups were set up in 2021 alone, signalling the rapid growth of the sector in India.

Singh pointed out that the biotechnology sector in India has evolved over the last three decades and has made a significant contribution in various sectors including health, medicine, agriculture, industry and bio-informatics, due to enormous support received both from the government and private sector. 

He underlined that the Biotechnology Sector has seen rapid growth in the last nine years and India is now being rated among the top 12 biotechnology destinations in the world.

The minister stated that more than three times more funds were allocated to this sector compared to the pre-2014 era to make India globally competitive in biotechnology research, innovation, and entrepreneurship and also pave the way for a promising future.