India biotechnology industry target to hit $150 billion by 2025, Minister says

India Minister for S&T, Earth Sciences, and MoH&FW, Dr Harsh Vardhan, has said India is rated among the top 12 biotechnology industry in the world and is envisioned to hit a target of $150 billion by 2025.

Dr Vardhan made this statement while speaking at the Department of Biotechnology, Ministry of Science and Technology, the celebration of its 34th Foundation Day at the National Institute of Immunology (NII), New Delhi.

He stated that the demand from the biotechnology industry of its products and services has increased immensely and would invariably shape the Indian workforce in time to come.

Vardhan also explained that the India biotechnology industry has also evolved over the last three decades and has made a significant contribution in various sectors, including health, agriculture, among others.

He said: Due to enormous support received both from the government and private sector biotechnology industry has seen a rapid growth amounting to an annual growth rate of nearly 20 percent.

Biotechnology industry is improving

Dr Vardhan, at the 34th Foundation Day at the National Institute of Immunology, rained praises on the biotechnology industries. He also released a publication by the Department “Biotechnology- Contributing to Growing Bioeconomy.”

Vardhan further congratulated the Department of Biotechnology for its pioneering work over the years.

He tasked all biotechnology industry scientists to enhance themselves and improve their innovative ideas and work to meet new challenges by the time the nation celebrates its 75 years of independence in 2022.

He noted that accomplishing this feat would help the country to realize and attain the vision of the Prime Minister Shri Narendra Modi of a new India that would stand out globally.

Dr Harsh Vardhan also called upon young scientists and awardees to come up with new solutions for the event, which he called ‘India @ 75’.

He praised the Department’s efforts in launching three New National Level Initiatives as a part of the 100 Day Programme.

Launch of Genome India Biotech KISAN hub in all Aspirational Districts and Waste to value technologies. The Minister also gave away the Awards to 34 recipients on occasion.

Recognition for late Professor M K Bhan

The Minister in his address thanked the late Secretary DBY, Professor M K Bhan, for his immense contribution towards the growth and development of India biotechnology industry.

Additionally, he announced the launch of “M K Bhan Young Investigators’ Research Award” in memory of Professor Bhan by DBT to promote young investigators working in challenging areas of research.