New Delhi: According to Union Minister Jitendra Singh, India now aims to reach a $150 billion bioeconomy by 2025, up from $8 billion in 2014.
According to Dr. Jitendra Singh, biotechnology has become a popular career choice for young people. Biotechnology was discovered to be the favored stream at No. 4/5 in a recent study of Delhi Class 12 students, as opposed to earlier when it didn't appear anywhere as a career option, he said.
The Minister of Biotechnology spoke at a gathering in New Delhi to promote the Department of Biotechnology's (DBT) Biomanufacturing Initiative where he said that "In 2014, the bioeconomy in India was worth just under $8 billion, and under Prime Minister Narendra Modi, we have at least begun to recognize the benefits of biotechnology and the bioeconomy. Now that it has reached $100 billion, our goal for it by 2025 is $150 billion. In the years to come, this will be the "future value addition" to India's economy.In terms of bioeconomy, we are ranked first in the world, third in Asia Pacific, and second in vaccine production."
He further said, India has a large abundance of bioresources that are still untapped and ready to be used, giving it an advantage in the field of biotechnology thanks in particular to the vast biodiversity and peculiar bioresources found in the Himalayas. There is also the 7,500 km of coastline, and last year we started the Samudrayaan to explore the biodiversity of the ocean below.
Singh claimed that biotechnology startups are a unique subgenre that combines fresh biology research with manufacturing, namely the processing of living systems like microorganisms, self-cultures, etc. They could therefore likewise be used as production tools.
Dr. Jitendra Singh noted that there were only about 350 start-ups in India prior to 2014. However, after Prime Minister Narendra Modi issued a clarion call from the Red Fort's ramparts in his Independence Day address in 2015 and launched a special start-up program in 2016, there was a quantum leap, and India now has the third-largest start-up ecosystem in the world, with 92,683 startups and more than
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