The term “bio economy” may be considered to have had an eightfold expansion in India during the course of the previous eight years: PM Modi

Following the inauguration of this two-day event, the Prime Minister gave a speech at the Biotech Startup Expo. In it, he stated that in the past eight years, the number of start-up businesses in the nation has expanded from a few hundreds to over 70,000.

In a statement made on Thursday, the Prime Minister of India, Narendra Modi, asserted that his administration has shifted its strategy from the previous one, which consisted of concentrating on a select number of industries while ignoring the rest of the country’s industries in favour of improving a select number of those industries.

After kicking off the two-day event, Modi gave a speech at the Biotech Startup Expo in which he stated that India’s “bio-economy” has increased by a factor of eight over the past eight years and has now reached USD 80 billion, up from USD 10 billion. He also mentioned that the nation is very close to joining the league of the top 10 countries in the global ecosystem of biotech.

He stated that in the past eight years, the number of startups in the country has gone from a few hundreds to over 70,000, and he added that his administration has worked to raise the ease of doing business and create a culture of entrepreneurship. Modi made the observation that these 70,000 companies are operational in around 60 distinct business sectors. In continuation of his discussion on the movement of talent into the sector, he mentioned that the number of investors in the biotech industry has expanded by nine times, and that the number of biotech incubators and financing for them has increased by seven times.

The number of biotech incubators has more than tripled since 2014, when there were only six of them. He stated that there are now more than 700 different biotech goods, which is an increase from the previous number of ten. Noting that exports from certain industries have reached an all-time high, he stated that the needs of the country need that every industry be supported and developed, and that his administration is investigating all method to provide impetus to India’s growth.

He stated that the biotechnology industry is highly vital in providing the country’s overall growth with fresh impetus.

The Prime Minister of India made the following statement in reference to the expanding reputation of Indian experts on the international stage: “confidence in the competence and ingenuity of our IT specialists in the globe is at unprecedented heights.” [Citation needed] This same trust and reputation, over the course of this decade, we are witnessing occurring for the biotech industry of India, as well as for the bio experts of India.” According to what he said, there are five major reasons why India is being considered a land of opportunities in the field of biotechnology. He listed these reasons as India’s diverse population and climatic zones, India’s talented human capital pool, increasing efforts for ease of doing business in India, demand for bio-products increasing continuously in India, and the country’s biotech sector and its track record of success.

The Indian economy is claimed to have seen significant potential and power increases as a result of the government’s diligent efforts, as stated by the Prime Minister.

He stated that there is an emphasis placed on a “approach that encompasses the entire government.”

He claimed that the motto of “sabka saath sabka vikas” is relevant to diverse sectors of India as well, and he said that this has resulted in a reversal of the scene from the time when just a select few sectors were concentrated on, while the others were left to fight for themselves.

Today, he continued, every sector is contributing momentum to the growth of the country; as a result, the “saath” and “vikas” of every sector are what is required in order to meet the demands of the situation.

“This shift in thinking and attitude is beginning to bear fruit,” he went on to say. In addition to this, he provided instances of how attention has been paid to a substantially greater number of industries in recent years. Even in the biotechnology industry, remarkable strides are being accomplished, and these advances may be seen most plainly in the environment for new businesses. According to the prime minister, the government is fostering a culture of offering new enabling interfaces in order to move away from a government-centric approach.

Platforms such as BIRAC are undergoing expansion, and a wide variety of different industries are beginning to adopt this strategy.

He provided the examples of Startup India for new businesses, IN-SPACe for new businesses in the space industry, iDEX for new businesses in the defence industry, India Semiconductor Mission for new businesses in the semiconductor industry, Smart India Heckathons for encouraging innovation among young people, and the Biotech start-up Expo.

“In order to instil the spirit of’sabka prayas,’ the government is, through newly established organisations, bringing together on a single platform the most brilliant brains in the sector. This is another another significant advantage for the nation. According to the Prime Minister, “the country receives fresh discoveries from research and academics, the industry assists in what is considered to be a real world vision, and the government provides the required regulatory framework and essential infrastructure.” He emphasised the point that the biotech industry is one of the areas that is driven by demand the most.

According to what he had remarked, “The campaigns for Ease of Living in India throughout the years have opened up new opportunities for the biotech sector.”

New opportunities are opening up for the industry as a result of recent advancements in fields such as medicine, agriculture, and energy, as well as natural farming and biofortified seeds, he pointed out.

Modi has stated that the ‘Aatmanirbhar Bharat’ campaign will be strengthened in the industry as a result of the Biotech Startup Expo 2022.

The Biotech Startup Expo-2022 is a convention that will take place over the course of two days, on June 9 and 10. The phrase “Biotech Startup Innovations: Towards AatmaNirbhar Bharat” will serve as the expo’s overarching theme. According to statements made by the government, the Expo will serve as a forum that brings together business owners and executives, financiers, industry pioneers, scientists, researchers, bio-incubators, manufacturers, and government regulators.

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