IGI Logo

Union Health Minister Mansukh Mandaviya has said that India's bio-economy has grown eight times in the last eight years from $10 billion to $80 billion and underlined that in the coming times, biotechnology will become the biggest foundation for medical treatment. He noted that the Indian biotech industry aims at growing to $150 billion by 2025 and $300 billion by 2030. He said India is currently among the top 12 destinations for biotechnology in the world with approximately 3 per cent share in the global biotechnology industry.

Mandaviya has stated that 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. Reiterating the government’s vision of India achieving the status of a developed country by 2047, he 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.

Underscoring the importance of the biotechnology sector, the minister said 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. He said it further facilitates commercialisation and market linkages by encouraging private-public partnership models.