PM INAUGURATES BIOTECH STARTUP EXPO-2022
http://clydecoastgolf.com/uncategorized/https-clydecoastgolf-com-wp-content-uploads-2019-03-blog-060319ggc-docx/ Prime Minister Narendra Modi inaugurated the Biotech Startup expo 2022 at Pragati Maidan.
- 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 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.