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Govt assures funding to biotech startups

State of State Jitendra Singh wearing many hats

Jitendra Singh, Union Minister of State (Independent Charge) Science & Technology promised all necessary assistance from the government, required to promote Industry-driven startups to create wealth and jobs. He assured that funds will not be a problem for startups.

Addressing the 37th Foundation day of Department of Biotechnology (DBT) at the National Institute of Immunology, (NII) Singh, who is also in charge of the Ministry of Earth Science among other ministries also called for equal partnership and responsibility by the industry to sustain the startup boom.

Underlining that bio-economy has grown 8 times– from $10 billion in 2014 to over $80 billion in 2022, Singh noted that biotechnology will be critical for the future with information technology reaching its saturation point. He also emphasized that biotech will be the key to Amrit Kaal economy while showcasing India as a frontline nation in the world.

Singh pointed out that biotech Startups have grown 100 times in the last eight years from 52 odd startups in 2014 to 5,300 plus in 2022.

The minister said that three biotech startups were incorporated every day in 2021 and a total of 1,128 biotech startups were set up in the year alone, signaling the rapid growth of the sector in India.

The minister said startups will become sustainable only if the industry comes forth in investing alongwith with the government from their inception.

Also read: Maharashtra tops list for Startup India funds to incubators