Why in news? 

Prime Minister Narendra Modi inaugurated the Biotech Startup expo 2022 at Pragati Maidan.

Highlights

• The department of biotechnology and the biotechnology research assistance council (BIRAC) organized the event. It is being conducted to commemorate BIRAC’s tenth anniversary.
• The theme of the expo is ‘Biotech startup innovations: towards AatmaNirbhar Bharat’.
• The country’s first biotech start up expo is a reflection of the expansive growth of the biotech sector in the country and it is been considered as the land of opportunities in the biotech sector.
• He also launched an e-portal of biotech products in the event.

The potential of biotech start-ups in India

• India’s diverse population and climatic zones are the top factors behind the growth of the biotech industry.
• There are five big reasons why India is being considered as a land of opportunities in the field of biotech sector.
  • First, diverse population and climatic zones.
  • India’s talented human capital pool,
  • Increasing efforts for ease of doing business in India,
  • The increasing demand for bio-products in the country
  • The track record of successes in the biotech sector comprises the other factors that leads to the growth.”

Biotechnology

• Biotechnology is technology that utilizes biological systems, living organisms or parts of this to develop or create different products.
• Biotechnology deals with industrial scale production of biopharmaceuticals and biologicals using genetically modified microbes, fungi, plants and animals.
• The applications of biotechnology include therapeutics, diagnostics, genetically modified crops for agriculture, processed food, bioremediation, waste treatment, and energy production.

Biotechnology Sector of India

• Biotechnology sector is recognized as one of the key drivers for contributing to India’s USD 5 Trillion economy target by 2024.
• Policy initiatives of the Government of India (GoI) such as the Make in India program are aimed to develop India as a world-class Biotechnology and Bio-manufacturing hub.
• India is among the top-12 destinations for biotechnology in the world, with approximately 3% share in the global Biotechnology industry.

• Indian Biotechnology industry’s economy was valued at USD 70 billion in 2020 and is expected to grow to USD 150 billion by 2025.