India News | Jitendra Singh Calls for Bigger Private Investments in Bio-economy

New Delhi, Mar 21 (PTI) Science and Technology Minister Jitendra Singh Friday called for bigger investments from the private sector in the bio-economy domain which, he said, has witnessed a 16-fold rise over the past decade.

Addressing an event to celebrate the 13th anniversary of the Biotechnology Industry Research Assistance Council (BIRAC), he said, "We have to come out of the mindset of looking up to the government. We are open to integrating the private sector.

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"In the times to come we will enter into a phase where we will have a larger contribution made by the private sector and that is the only way forward," the minister said.

Singh also launched 'Bio Saarthi' a global mentorship initiative to nurture biotech startups by offering personalised guidance to emerging entrepreneurs.

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He said this initiative will strengthen India's biotech ecosystem by fostering innovation, enhancing industry-academia collaboration and positioning Indian startups for global success.

India's biotech startup ecosystem has grown from just 50 start-ups a decade ago to over 10,075 at present, Singh said.

The India Bio-Economy Report 2025, released on the occasion, said that the country's bioeconomy sector witnessed 17.9 per cent growth over the last four years and its absolute value stands over USD 165 billion.

The government is fully committed to providing the necessary support to realise the full potential of the country's bio-based industries, the minister said.

India's Gross Expenditure on Research and Development (GERD) has more than doubled in the past decade, rising from Rs 60,196 crore in 2013-14 to Rs 1,27,381 crore in 2024.

This surge in funding underscores the government's resolve to bolster scientific research and innovation, Singh underlined.

"We are witnessing the dawn of a bio-revolution that will be as transformative for India as the IT revolution was for the West. With sustained efforts, India is not just participating in the global biotechnology revolution -- we are leading it," the minister asserted.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)