In his address at the inauguration of Biotech Startups Expo on “Emerging Startup Trends in North India at Biotech Park, Kathua today, he said the Biotech ecosystem in the country is emerging at a rapid pace, with more than 6500 start-ups and 75 Bio-incubators set up by Department of Biotechnology (DBT) -Biotechnology Industry Research Assistance Council (BIRAC).
Dr Singh informed that India’s BioEconomy has experienced a remarkable surge of 29 percent, surpassing the significant milestone of $100 billion. The BioEconomy has reached an impressive $137.2 billion in 2022. Each month, India’s BioEconomy has contributed $11.4 billion to the national GDP, Dr Singh added. He said India’s collective efforts and advancements in the biotechnology sector underscore the nation’s potential as a global player in the field, he stated.
The Union Minister said the innovation ecosystem continues to flourish, and India aspires to become one of the top 5 Global Bio-manufacturing Hubs, and also among the top 10 biotechnology destinations globally. The rise of Biotech Startups is pivotal for the country’s future economy. These startups have experienced remarkable growth, increasing from just about 50 in 2014 to over 6,756 in 2022, he said.
Dr Jitendra Singh said that as India moves forward, it is imperative that we now focus on the sustainability and scale up of the innovators and enterprises and continue to provide an enabling ecosystem to ensure that we can create a national and global impact. “The startups and companies are now getting recognized because of their efforts towards the betterment of the society. We have come a long way in nurturing the talent pool, and providing opportunities to startups to seed, succeed and scale”, the minister said.
Dr Jitendra Singh said, “The emerging Biotech ecosystem at Jammu has been supported to nurture the Innovation ecosystem in the UT of J&K. This Biotech Park at Kathua is scripting the emergence of a biotech start-up ecosystem. This has created a good platform for Industry-Academia collaborations.”
The Union Minister said that now is the time to forge broader synergy among all professions to achieve the “Amrit Kaal” goals over the next 25 years. He stated that the next 25 years are very crucial for the country, and when India would be celebrating its 100 years of independence in 2047, the youth of Kathua would be among the great contributors towards making India a 'Vishwa Guru'.
The Expo witnessed more than 200 delegates participating in the expo and 25 Biotech Startups that showcased their Innovations in different areas of biotechnology. The participating Startups were engaged in solving local problems leveraging local resources such as medicinal plants, aromatic and essential oil-bearing plants for developing therapeutics.
The StartUp expo also witnessed participation of increasing number of women entrepreneurs who showcased their products and technologies. At least 5 women led StartUps were present at the expo. This one-day event also had closed-door interactions with Industry, academia, Scientists,Entrepreneurs and local Public Representatives. Representatives from DBT, BIRAC, Autonomous institutes and the scientific community were also present at the event.