New Delhi [India], August 14 (ANI): The next industrial revolution will be bio-economy driven, Union Minister Dr Jitendra Singh said on Wednesday emphasising the government’s commitment to the sector.
He was speaking at the curtain-raising ceremony of ‘the 4th edition of Global Bio India 2024’ at National Media Centre, New Delhi.
The Union Science and Technology Minister said if the last industrial revolution in the 1990s was IT-driven, the next one in the 21st century would be Bioeconomy driven.
Jitendra Singh recalled Prime Minister Narendra Modi’s call of ‘StartUp India Stand Up India ‘ and said it ushered a new revolution in startups related to technology and many of them related to marine economy, space economy and bioeconomy.
Global Bio-India, a Mega International event for national and international biotech stakeholders is a strategic initiative by the Department of Biotechnology and its public sector Unit Biotechnology Industry Assistance Research Council (BIRAC) to propel and position India’s biotechnology sector into the global spotlight.
‘Global Bio-India 2024’, the largest Biotech event in the country, will be held from September 12 to 14 in the national capital.
A release said high-level business and technical delegations would be able to witness India’s growing Bio-Economy and growth trajectory supported through Government of India’s policies and continued support commitment integrated with the private’ sector.
This is expected to provide a boost to both “MakeIn India” and “Startup India” national missions for the biotech sector.
Dr Jitendra Singh emphasized the government’s priority in boosting the bioeconomy, highlighting that the interim budget mentioned the bioeconomy and bio foundry–topics typically avoided by governments during election years. “Our priority is to empower the nation and its economy, irrespective of political compulsions.”
Underscoring the impact of biotechnology, Singh pointed out that India’s bioeconomy has grown 13-fold over the last decade, from USD 10 billion in 2014 to over USD130 billion in 2024, with a projection to reach USD 300 billion by 2030.
He also noted that India has climbed from 81st place in 2015 to 40th out of 132 economies in the Global Innovation Index.
The Minister of Science and Technology highlighted that India ranks 3rd in the Asia-Pacific region and 12th globally in terms of biomanufacturing.
He praised the Department of Biotechnology and BIRAC for their efforts in fostering a culture of innovation and supporting companies involved in biotechnology development.
He also noted that the significant growth in the bioeconomy and related enterprises is a clear indication that the time is ripe for both government and non-government sectors to collaborate in addressing the challenges facing humanity.
Referring to the COVID-19 pandemic, Dr. Singh acknowledged that while it posed a crisis for many, it also underscored the global importance of biotechnology.
He further shared that the Science, Technology, and Innovation (STI) sector is expected to progress rapidly, particularly with the recent passing of the Anusandhan NRF bill, which he introduced in Parliament just before the model code of conduct took effect.
Singh remarked that there will be increased investment and participation from the private sector, which, combined with knowledge and economic resources, will be highly beneficial. He also mentioned ‘Bio-Nest,’ an incubator for startups, which is expected to support more than 120 startups by the end of this financial year.
The Minister also cited examples of new biotechnology products in the vegan category that are gaining popularity. He highlighted the significant employment and entrepreneurship potential of the biotech sector, as well as its impact on other industries such as pharmaceuticals, food processing, agriculture, and enterprise.
Jitendra Singh emphasized the importance of early industry linkages and urged the removal of skepticism towards private sector participation.
Dr Rajesh Gokhale, Secretary of the Department of Biotechnology, noted that companies in the biotechnology sector have achieved a valuation of Rs 75,000 crore over the past 10 years. He further highlighted that biotechnology is one of the sunrise sectors, with nearly 28,000 proposals currently being evaluated for upscaling. (ANI)
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