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Prime Minister Narendra Modi inaugurates Biotech Start-up Expo 2022

Prime Minister Narendra Modi inaugurates Biotech Start-up Expo 2022

June 12, 2022

“Mantra of Sabka Saath-Sabka Vikas is applicable in different sectors of India. Now all sectors are being promoted in ‘whole of the government’ approach”

- Hon’ble Prime Minister Narendra Modi

Hon’ble Prime Minister Narendra Modi inaugurated Biotech Start-up Expo 2022 on 9th June 2022 at Pragati Maidan, New Delhi. On the same occasion, he launched an exclusive e-portal for Biotech products as well. Union Ministers Shri Piyush Goyal, Shri Dharmendra Pradhan, Dr. Jitendra Singh, stakeholders of Biotech companies, subject matter experts, and several investors attended this important Expo.

Acknowledging India’s progress, Prime Minister Narendra Modi remarked that India’s bio-economy has grown by almost 8 times in the last 8 years. He said, “We have grown from $10 billion to $80 billion. India is not too far from reaching the league of top-10 countries in Biotech's global ecosystem.”

Prime Minister Narendra Modi praised the contribution of the ‘Biotechnology Industry Research Assistance Council (BIRAC)’ in the Biotech sector. He emphasized the growing reputation of Indian professionals across the globe and said that “Trust in the skill and innovation of our IT professionals in the world is at new heights. This same trust and reputation, this decade, we are seeing happening for the Biotech sector of India and for the Bio Professionals of India.”

He discussed the five main reasons because of why India is considered a land of opportunities, especially in the Biotech sector:

1) A diverse population and diverse climatic zones
2) India’s talented human capital pool
3) Increasing efforts for ease of doing business in India
4) Continuously increasing demand for bio-products in India
5) India’s Biotech sector and its successful track record

Speaking about the presence of Biotech in the start-up ecosystem, Prime Minister Narendra Modi mentioned “In the last 8 years, the number of start-ups in our country has increased from a few hundred to 70 thousand. These 70 thousand start-ups are made in about 60 different industries. In this also, more than 5 thousand start-ups are associated with Biotech”. He reflected on the fact that the investors in the Biotech sector have increased by 9 times and the funding has also increased up to 7 times. Back in 2014, Biotech incubators were only 6 which has improved to 75 now. He informed us that the variety of Biotech products has also increased from 10 to 700 today.

The Prime Minister further added, “Inculcating the spirit of Sabka Prayas, the Government, through new institutions is bringing together the best minds of the industry on a single platform. This is another big benefit to the country. The country gets new breakthroughs from research and academia, the industry helps in what is a real-world view, and the Government provides the necessary policy environment and necessary infrastructure.”

Prime Minister Narendra Modi concluded his speech by stating, “Biotech sector is one of the most Demand Driven Sectors. The campaigns for Ease of Living in India over the years have opened up new possibilities for the Biotech sector.”

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