ENA Sectors 2023-07-10 13:52:14 <p><strong>New Delhi, July 10 (KNN) </strong>Minister of State for Science and Technology Jitendra Singh said that the biotech start-ups are crucial to Indias future economy.</p> <p>Speaking at a discussion organised by the Department of Biotechnology (DBT) on fostering its bio-manufacturing initiative, Singh highlighted the exponential growth of the sector in the country.</p> <p>Singh pointed out that the number of biotech start-ups in the country has increased from 50 in 2014 to nearly 6,000 at present. He emphasized on the potential of biotechnology industry to become an instrument of global trade.</p> <p>He also added that countrys bio economy has witnessed significant growth in the past few years, increasing from USD 8 billion in 2014 to USD 100 billion currently. </p> <p>The Union Ministers statement comes at a time when the Indian biotech ecosystem is projected to reach a market size of USD 150 billion by 2025.The growth is projected to be largely backed by the growing healthcare demands and a skilled workforce.</p> <p>During his address, the minister pointed out that home-grown biotech start-ups could emerge as instruments of manufacturing in the country.</p> <p>In the recent times, the Indian Government has been taking a number of measures to promote biotech start-ups such as a single-window national portal for start-ups and researchers seeking regulatory clearance for biological research. </p> <p>In August 2022, the government also announced 75 Amrit grants for collaborative biotech initiatives involving start-ups and academia.</p> <p><strong>KNN Bureau</strong></p> 34017 https://knnindia.co.in/news/newsdetails/sectors/indias-bio-economy-crosses-usd-100-bn-mos-jitendra-singh 2023-07-10 13:52:14 knnindia.co.in