Narendra Modi Inaugurates Biotech Startup Expo 2022 Prime minister said the country's first biotech startup expo is a reflection of the expansive growth of the biotech sector in the country which is also been considered as the land of opportunities in the biotech sector
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Prime Minister Narendra Modi inaugurated the Biotech Startup expo 2022 at Pragati Maidan. The department of biotechnology and the biotechnology research assistance council (BIRAC) organized the event. It is being conducted to commemorate BIRAC's tenth anniversary. Union ministers Piyush Gopal, Dharmendra Pradhan, Jitendra Singh, stakeholders of biotech sector, industry experts, SMEs and Investors also participated in the event. The theme of the expo is 'Biotech startup innovations: towards AatmaNirbhar Bharat'. PM said the country's first biotech startup expo is a reflection of the expansive growth of the biotech sector in the country and it is been considered as the land of opportunities in the biotech sector. He also launched an e-portal of biotech products in the event.
"In the last eight years, the number of startups in our country has increased from a few hundred to 70,000 in about 60 different countries. More than 5,000 startups are associated with the biotech sector. We have grown from $10 billion to $80 billion. India is not too far from reaching the league of top ten countries in biotech's global ecosystem," Modi said while addressing the biotech startup expo.
Biotech expo is a two-day event that will host over 300 stalls displaying biotechnology applications in a variety of disciplines such as the pharmaceutical industries, agriculture and industrial biotechnology as well as waste-to-value and renewable energy sources, as per available reports.
Highlighting the potential of biotech startups in India, Modi said, India's diverse population and climatic zones are the top factors behind the growth of the biotech industry. He said, "There are five big reasons why India is being considered as a land of opportunities in the field of biotech sector. First, diverse population and climatic zones. India's talented human capital pool, increasing efforts for ease of doing business in India, the increasing demand for bio-products in the country and the track record of successes in the biotech sector comprises the other factors that leads to the growth."
Stating the new employment opportunities in the biotech sector, PM said, "The biotech sector is one of the most demand-driven sectors. Campaigns for ease of living in India over the years have created new possibilities in the biotech sector. Recently, we have achieved the target of 10 per cent blending of ethanol in petrol. India will also achieve the target of 20 per cent ethanol blending in petrol by five years from 2025 to 2030."
According to reports, the global biotechnology market was estimated at $793.87 billion in 2021 and is expected to reach $1683.52 billion by 2030 at a CAGR of 8.7 per cent.