India's Biotech Startups Reach 9,000 in a Decade, Says Jitendra Singh

India's biotechnology sector has seen extraordinary growth over the past decade, with nearly 9,000 startups now operating compared to just 50 in 2014.

The country's bioeconomy has expanded from $10 billion in 2014 to over $130 billion in 2024, with projections indicating it will reach $300 billion by 2030, Union Minister of Science and Technology, Jitendra Singh, revealed at the FE Green Sarathi summit on Friday.

Singh attributed this remarkable growth to the government's commitment to sustainability, noting that climate challenges and pollution are major concerns.

"This government has placed sustainability at the forefront, unlike 10-15 years ago when India was not taken seriously on climate and green issues," Singh said.

He emphasized that, despite being previously seen as unaware of environmental concerns, India is now setting ambitious targets for the world to follow, including the pledge to achieve net-zero emissions by 2070, announced by Prime Minister Narendra Modi at COP-26 in 2021.

The minister highlighted several government initiatives aimed at advancing sustainability, such as the Green Hydrogen Mission, the Climate Change Mission, and India's pioneering Deep Sea Mission. Singh emphasized that India is one of the first nations in the world to launch such an initiative, focused on exploring the vast biodiversity and resources within the country’s coastal seabeds.

These coastal areas, Singh pointed out, are rich in biodiversity, minerals, and metals, providing India with a unique advantage as the nation seeks to become the third-largest economy globally. The discovery and sustainable utilization of these resources will further enhance India’s economic position.

Singh also lauded India’s recent development of a groundbreaking biotechnology policy, BioE3, which aims to boost the bioeconomy and the cellular economy. This policy is designed to enhance India’s leadership in the biotechnology space and further strengthen its growing position as a global bioeconomy powerhouse.

India's achievements in biotechnology and sustainability are setting the stage for significant progress in both environmental and economic spheres, as the country continues to lead the way in addressing global climate challenges while building a thriving bioeconomy.