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India's bio-economy grew 8 times in last 8 years

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Union Minister of State for Science & Technology, Dr. Jitendra Singh has said, India's bio-economy has grown 8 times in the last 8 years under Prime Minister Modi from 10 billion dollars in 2014 to over 80 billion dollars in 2022.

Dr. Singh was addressing an “International Conference on Emerging Trends in Biosciences and Chemical Technology” in Shri Mata Vaishnodevi University, Katra on Saturday. He said, Biotech Startups have grown 100 times in the last 8 years from around 52 to over 5300.

Dr. Singh said, a total of 1,128 biotech startups were set up in 2021 alone, signaling the rapid growth of the sector in India. The Union Minister pointed out, from a paltry investment of 10 Crore rupees in Bio-economy in 2014, the fund growth saw 400 times hike to 4200 crore rupees in 2022, creating over 25,000 high-skilled jobs.

The conference is being organized by Shri Mata Vaishno Devi University, School of Biotechnology in collaboration with CSIR-IIIM Jammu and The Biotech Research Society of India. (AIR NEWS)

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