Union Minister for Health and Family Welfare Mansukh Mandaviya on Monday said India’s ‘bio-economy’ has grown eight times in the last eight years under the BJP-led government at the Centre.

Addressing Gujarat’s pre-event summit “Biotechnology: The Path of Innovation and Wellness for Viksit Bharat” virtually, the minister said, “India’s bio-economy’ has grown eight times in the last eight years from $10 billion to $80 billion. In the coming times, biotechnology will become the biggest foundation for health treatment.”

Noting that the Indian biotech industry is aiming to grow to $150 billion by 2025 and $300 billion by 2030, 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.”

He said this industry will become a medium for finding solutions for complex problems in various spheres such as agriculture, environment, industrial production and many more.

In light of this, in the future, the economy will become biotechnology based, added Mandaviya.

Reiterating Prime Minister Narendra Modi’s vision of India achieving the status of a developed nation by 2047, the minister said this sector’s contribution will be instrumental in making the country a developed nation.”

Highlighting the growth and prowess of the industry, Mandaviya said, “The vaccination produced by India during the pandemic showcased India’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.”

He further said it facilitates commercialization and market linkages by encouraging private-public partnership models in these sectors.

On the occasion, Mandaviya also lauded the participation of startups, industries and industry associations, researchers and academicians across the nation for contributing to the development of this sector.

He also appreciated the efforts and contribution of Gujarat in their dedicated focus on biotechnology over two decades and its strong contribution in making India a healthcare and innovation ready country.