The Indian biotechnology space has 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 the flagship programmes like 'Make in India' and 'Startup India'.
"India''s biotechnology economy can approach USD 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."