India’s bio-economy grows from $10 to $ 80 billion in last eight years

New Delhi: India’s bio-economy has grown 8 times in the last 8 years from $10 billion in 2014 to over $80 billion in 2022, said Union Minister in Prime Minister office Jitendra Singh.

Addressing an “International Conference on Emerging Trends in Biosciences and Chemical Technology- 2022” in Jammu, Dr Jitendra Singh said, Biotech Startups have grown 100 times in the last 8 years from 52 odd startups in 2014 to 5300 plus in 2022.

“Three Biotech Startups were incorporated every day in 2021 and a total of 1,128 biotech startups were set up in 2021 alone, signaling the rapid growth of the sector in India” he said.

The conference is being organized by Shri Mata Vaishno Devi University, School of Biotechnology, Jammu in collaboration with CSIR-IIIM Jammu and The Biotech Research Society of India, from 3rd – 5th December 2022.

There are 14 international participants include USA, Greece, South Korea, Scotland, Singapore, Thailand, Argentina, Brazil, Mexico, Malaysia and Vietnam.

Around 300 participants from almost every state of India who are presenting their work in the form of Oral and Poster Presentation.

Dr Jitendra Singh pointed out that from a paltry investment of Rs 10 Crore in Bio-economy in 2014, the fund growth saw 400 times hike to Rs 4200 crore in 2022, creating over 25,000 high skilled jobs.

“Number of Bio tech incubators have increased from 6 in 2014 to 75 now, while Biotech products have increased from 10 products to more than 700 today” he informed.

Dwelling on the growth of India Bioeconomy, Dr Jitendra Singh pointed out that India administered nearly 4 million doses of COVID-19 vaccines per day and a total of 1.45 billion doses in 2021. Similarly, we conducted 1.3 million COVID-19 tests each day in 2021 and overall, 507 million tests in 2021.

Dr Jitendra Singh also pointed out that Biotech industry crossed one-billion-dollar R&D spend, thanks to Covid economy and it almost trebled within a year from 320 million dollars in 2020 to 1,02 billion dollars in 2021.

“India will soon enter the league of top-5 countries in Biotech’s global ecosystem” he added.