The Indian biotechnology space has the potential to grow to $100 billion in size by 2025 on the back of innovations in bio-manufacturing technologies, Niti Aayog CEO Amitabh Kant said on Friday.
Addressing a webinar titled ‘Global Perspective on India’s Biotech Potential: Manufacturing Hub & Foreign Investment’, Kant said India is working to boost the biotechnology sector under its flagship programmes like ‘Make in India’ and ‘Startup India’.
“India’s biotechnology economy can approach $100 billion in 2025 if the right policies are put in place, giving industry the required stimulation,” he said.
Kant said India has established biotechnology parks and incubators across the country to facilitate scientists and MSMEs with technology demonstration, along with pilot studies for accelerated commercial development.
Noting that an increase in the number of biotech incubators can boost research and promote the growth of startups, Kant said, “Innovations in bio-manufacturing technologies are critical for the success of the Indian biotech industry.”
In another development, Kant said real-time data would be key in fighting the coronavirus as it helps in contact tracing, which is essential for preventing further spread of the disease.
Speaking at India Policy Forum 2020, organised by NCAER, on Friday, Kant said the government should actively put data in the public domain as debates and discussions would help in taking the right policy decisions.
“Data on a real-time basis is very critical. We have been working for the last year-and-half, and our experience is that real-time data is really the key. In the time of coronavirus, this becomes even more important…My belief is that it will be very difficult to handle COVID-19 without huge amounts of increased testing and without contact tracing,” he said.
Stating that the government should actively put out data before the public and academics, the Niti Aayog CEO said: “that is the only way we will be able to make right policy decisions”.