Global Bio-India Summit: India’s first largest biotechnology conference

India’s largest biotechnology conglomerate was held in New Delhi between 21 November, 2019 and 23 November, 2019. The event was organized by the Department of Bio Technology under Ministry of Science and Technology along with BIRAC (Biotechnology Industry Research Assistance Council) and CII.

Highlights

The summit provided opportunity to exhibit the bio technological advances in the country to the international forum. The Minister of S&T, Earth Sciences and Health and Family Welfare released a report on “Private Investment in Biotechnology” at the summit

Highlights of the Report

The report highlighted the need for the government to find why there is inadequate private investment in the biotech research. It suggested the setting up of a single window system for approvals in the field of biotechnology.

The GoI has set a target to make the biotechnology sector as a 100 billion USD industry. The report  wanted the government to encourage industry-academia linkages in order to achieve the target set

Significance

The Biotechnology sector is considered as the sunrise sector of an economy. In India, experts believe that it is the key driver of the country’s economy and will play a major role in achieving India’s 5 trillion USD target by 2025. This is because the sector has a potential of contributing 22% of 12 billion USD of Indian trade by 2025.

The summit acted as a platform to showcase the potential of India in the sector. The summit also helped to identify key challenges in the areas of Bio-agri, bio-pharma, bio-industrial, bio-services and bio-energy.

Month: Current Affairs - November, 2019