India's bio-economy has grown eight times in the last eight years from USD 10 billion to USD 80 billion, Union Health Minister Mansukh Mandaviya said on Monday, underlining that in the coming times, biotechnology will become the biggest foundation for medical treatment.
The Indian biotech industry aims at growing to USD 150 billion by 2025 and USD 300 billion by 2030, he noted while virtually addressing an event "Biotechnology: The Path of Innovation and Wellness for Viksit Bharat" held at the at Vigyan Bhavan in Ahmedabad.
Mandaviya said India is currently among the top 12 destinations for biotechnology in the world with approximately three per cent share in the global biotechnology industry.
The event, which was attended by Gujarat Chief Minister Bhupendra Patel, was held in the run up to the 10th Vibrant Gujarat Global Summit. The summit is scheduled to be held in Gandhinagar in January with the theme -- 'Gateway to the Future'.
"This industry (biotechnology) will become a medium for finding solutions for complex problems in various spheres such as agriculture, environment, industrial production and many more. In the light of this, in the future, the economy will become biotechnology based," Mandaviya said.
Reiterating Prime Minister Narendra Modi's vision of India achieving the status of a developed country by 2047, Mandaviya cited that "this sector's contribution will be instrumental in making India a developed nation."
Highlighting the growth and prowess of the biotechnology industry, he said the vaccines produced by India during the Covid pandemic showcased the country's power in the field of biotechnology to the world. "The National Biotechnology Development Strategy 2020-25 provides the government a platform to strengthen skill development, resource and innovation converging into one strong ecosystem for knowledge sharing," Mandaviya said while underscoring the importance of the biotechnology sector.
He said it further facilitates commercialisation and market linkages by encouraging private-public partnership models.
Noting the progress of the nation and the industry in the sector, Mandaviya praised the participation of startups, industries and industry associations, researchers and academicians for contributing to its development.
The health minister also lauded the efforts of Gujarat in the biotechnology sector over the last two decades and its strong contribution in making India a healthcare and innovation-ready country.
Acknowledging the crucial contribution the biotechnology sector will provide to the nation and economy, Chief Minister Patel said that "aligning with the theme of 'Gateway to the Future', we will provide additional focus to futuristic sectors of which biotechnology features as most important".
He cited that the biotechnology sector is known as the sector of hope. "With its rapid growth, it will provide significant contributions to the world," the Gujarat chief minister said. He also inaugurated the 'Start-Up Product Launch'.
-With PTI Input
