New Delhi, April 24 (IANS). Union Minister Dr Jitendra Singh on Friday said India’s bio-economy is estimated to reach $1 trillion by 2047, making it one of the top three bio-economies in the world.
The minister said in an international conference organized at IIT Roorkee that the twenty-first century driven by a biology-based economy will be ‘India’s century’.
Backed by policy reforms, strong institutional frameworks and a rapidly growing innovation ecosystem, India is moving towards its full technological potential, from genes to qubits, from ocean depths to space, an official statement quoted the minister as saying.
Referring to the developments in emerging technologies, he said that the National Quantum Mission has achieved many important achievements ahead of schedule, while India has achieved global leadership in many important technology areas.
He said India’s bio-economy has grown from $10 billion in 2014 to over $165 billion today, growing at about 18 per cent annually, and aims to reach $300 billion by 2030.
A statement from the Ministry of Science and Technology said the number of biotechnology startups has increased from about 50 to more than 11,000.
He also mentioned the National Research Foundation (ANRF) with a corpus of Rs 50,000 crore and the Research, Development and Innovation (RDI) fund of Rs 1 lakh crore, which are aimed at providing long-term, low-cost financing for intensive technological innovation.
Dr Jitendra Singh presented several key scientific achievements made in recent years, including progress under Genome India, indigenous CAR-T cell therapy, development of mRNA vaccine platform, India’s first indigenous antibiotic drug, etc.
–IANS
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