Union Minister Dr. Jitendra Singh Highlights Bio-Economy as the Next Industrial Revolution at Global Bio India 2024 Event
New Delhi, India – On August 14, Union Minister Dr. Jitendra Singh emphasized the importance of the bio-economy in the next industrial revolution during the curtain-raising ceremony of the 4th edition of Global Bio India 2024 at the National Media Centre in New Delhi.
Bio-Economy: The Future of Industry
Dr. Singh stated that while the last industrial revolution in the 1990s was driven by information technology, the upcoming one in the 21st century will be driven by the bio-economy. He recalled Prime Minister Narendra Modi’s ‘StartUp India Stand Up India’ initiative, which has sparked a new wave of technology startups, including those in the marine, space, and bio-economy sectors.
Global Bio-India 2024
Global Bio-India is a major international event organized by the Department of Biotechnology and its public sector unit, Biotechnology Industry Assistance Research Council (BIRAC). The event aims to highlight India’s biotechnology sector on the global stage. The 2024 edition will be held from September 12 to 14 in New Delhi, featuring high-level business and technical delegations showcasing India’s growing bio-economy.
Government’s Commitment
Dr. Singh highlighted the government’s commitment to boosting the bio-economy, noting that the interim budget mentioned bio-economy and bio foundry, topics usually avoided during election years. He emphasized that the government’s priority is to empower the nation and its economy, regardless of political pressures.
Impressive Growth
India’s bio-economy has grown significantly, from USD 10 billion in 2014 to over USD 130 billion in 2024, with a projection to reach USD 300 billion by 2030. India has also improved its ranking in the Global Innovation Index, moving from 81st place in 2015 to 40th out of 132 economies.
Biotechnology’s Impact
Dr. Singh praised the Department of Biotechnology and BIRAC for fostering innovation and supporting biotech companies. He noted that the bio-economy and related enterprises have grown significantly, indicating a ripe time for collaboration between government and non-government sectors to address global challenges.
COVID-19 and Biotechnology
Dr. Singh acknowledged the role of biotechnology during the COVID-19 pandemic, highlighting its global importance. He mentioned the recent passing of the Anusandhan NRF bill, which is expected to boost investment and private sector participation in the Science, Technology, and Innovation (STI) sector.
Support for Startups
Dr. Singh also mentioned ‘Bio-Nest,’ an incubator for startups, which aims to support over 120 startups by the end of the financial year. He highlighted the employment and entrepreneurship potential of the biotech sector and its impact on industries such as pharmaceuticals, food processing, and agriculture.
Industry Linkages
Dr. Singh urged the removal of skepticism towards private sector participation and emphasized the importance of early industry linkages. Dr. Rajesh Gokhale, Secretary of the Department of Biotechnology, noted that biotechnology companies have achieved a valuation of Rs 75,000 crore over the past decade, with nearly 28,000 proposals currently being evaluated for upscaling.
Doubts Revealed
Union Minister -: A Union Minister is a person who is in charge of a specific department in the government of India. They help make important decisions for the country.
Dr. Jitendra Singh -: Dr. Jitendra Singh is a leader in the Indian government. He works on important projects and helps make decisions for the country.
Bio-Economy -: Bio-Economy is about using natural resources, like plants and animals, to make products and services. It helps in making things like medicines, food, and energy.
Industrial Revolution -: An Industrial Revolution is a big change in the way things are made and done. It usually involves new technology and ways of working that make things faster and better.
Global Bio India 2024 -: Global Bio India 2024 is an event where people from around the world come to talk about biotechnology. It is held in New Delhi, India.
New Delhi -: New Delhi is the capital city of India. It is where many important government buildings and events are located.
USD -: USD stands for United States Dollar. It is the money used in the United States and is often used to compare the value of money in other countries.
Department of Biotechnology -: The Department of Biotechnology is a part of the Indian government. It helps support and grow the biotechnology sector in India.
BIRAC -: BIRAC stands for Biotechnology Industry Research Assistance Council. It helps new biotechnology companies in India by giving them support and money.
Private Sector -: The private sector includes businesses and companies that are not run by the government. They play a big role in creating jobs and making new products.
Startups -: Startups are new companies that are just beginning. They often have new ideas and try to make new products or services.
