Modi says government working tirelessly to improve potential of Indian economy

New Delhi, June 9, 2022

Prime Minister Narendra Modi today said that his government was working tirelessly for improving the potential and power of the Indian economy.

"There is stress on 'whole of the government approach'," he said in his inaugural address at the Biotech Startup Expo 2022 at Pragati Maidan here. He also launched a Biotech products e-portal.

Union Ministers Piyush Goyal, Dharmendra Pradhan, Jitendra Singh, stakeholders of the biotech sector, experts, SMEs and investors were amongst those present on the occasion.

Mantra of Sabka Saath-Sabka Vikas is applicable on the different sectors of India also," Modi said, adding that this had resulted in a reversal of the scenario , he said. This has resulted in reversal of the earlier scenario when a few selected sectors were focused upon and the others were left to fend for themselves.

"Today, every sector is giving impetus to the development of the country, that is why every sector’s ‘Saath’ and every sector's ‘Vikas’ is the need of the hour. This change in thinking and approach is giving results," he said.

The Prime Minister said that unprecedented steps were being taken for the biotech sector, too, which are clearly manifested in the startup ecosystem.

“In the last eight years, the number of startups in our country has increased from a few hundred to 70,000. These 70,000 start-ups are in about 60 different industries. In this also, more than 5,000 startups are associated with biotech. Every 14th startup in the biotechnology sector and more than 1,100 such biotech startups emerged in the last year itself," he said.

Modi said the number of investors in the biotech sector had risen by nine times and biotech incubators and funding for them has increased by seven times. The number of biotech incubators has increased from 6 in 2014 to 75 now. Biotech products have increased from 10 to more than 700 today," he said.

He said India's bioeconomy had grown eight times in the last eight years.

“We have grown from $10 billion to $80 billion. India is not too far from reaching the league of top 10 countries in iotech's global ecosystem," he said.

He also noted the contribution of the Biotechnology Industry Research Assistance Council (BIRAC) in the development of the sector in the country. He said that, at a time when the country is taking new pledges during the "Amrit Kaal" (75th Year of Independence), the role of biotech industry is very significant in the development of the country.

Talking about the growing reputation of Indian professionals on the global stage, the Prime Minister said the “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 said.

Modi said there are five reasons why India is being considered a land of opportunities in the field of biotech. "First- diverse population and diverse climatic zones. Second- India's talented human capital pool. Third- increasing efforts for ease of doing business in India. Fourth- the demand for bio-products is increasing continuously in India and fifth- India's biotech sector and its track record of success," he said.

He said that, in order to transcend a government-centric approach, the government is encouraging a culture of providing new enabling interfaces. Platforms like BIRAC are being strengthened and many other sectors are seeing this approach. He gave the examples of Startup India for start ups, IN-SPACe for space sector, iDEX for defence startups, India Semiconductor Mission for semi-conductors, Smart India Heckathons for encouraging innovations among the youth and also, the Biotech start-up Expo.

“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,” the Prime Minister elaborated.

The Prime Minister emphasized that the 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," he said.

Developments health, agriculture, energy, natural farming, bio fortified seeds are creating new avenues for the sector, he added.

NNN