New Delhi,  Prime Minister Narendra Modi said on Thursday that India's bio-economy has grown eight times in the last eight years from $10 billion to $80 billion.

The Prime Minister was speaking after inaugurating the Biotech Startup Expo 2022 at Pragati Maidan here. He also launched an e-portal for biotech products on the occasion.

"India's bio-economy has grown eight times in the last eight years, from $10 billion to $80 billion. India is not too far from reaching the league of top-10 countries in biotech's global ecosystem," Modi said.

The Prime Minister also noted the contributions of the Biotechnology Industry Research Assistance Council (BIRAC) in the development of the sector in the country.

He said that today when the entire country is taking new pledges during the 'Amrit Kaal', the role of the biotech industry is very significant in the development of the nation.

Talking about the growing reputation of Indian professionals on the global stage, the Prime Minister said, "Trust in the skill and innovation of our IT professionals in the world has reached new heights. This decade we are seeing the same trust and reputation for the biotech sector and for the bio professionals from India.

"There are five big reasons why India is being considered as a land of opportunities in the field of biotech. First, diverse population and diverse climatic zones; second, India's talented human capital pool; third, increasing efforts for ease of doing business in India; fourth, the demand for bio-products is increasing continuously in India; and fifth, India's biotech sector and its track record of success."

The Prime Minister said that the government has worked tirelessly to improve the potential and power of the Indian economy, emphasising that there is stress on the 'whole of the government approach'.

Modi mentioned that for the biotech sector too, unprecedented steps are being taken which are clearly manifested in the startup ecosystem.

"In the last eight years, the number of startups in our country has increased from a few hundreds to 70,000. These 70,000 startups cover about 60 different industries. Of these, more than 5,000 startups are associated with biotech. Every 14th startup is in the biotechnology sector and more than 1,100 such biotech startups emerged in the last year itself," the Prime Minister said.

Further talking about the shift of talent towards the biotech sector, Modi said that the number of investors in the biotech sector has risen by nine times and biotech incubators and funding for them have increased by seven times.

The number of biotech incubators has increased from six in 2014 to 75 now. Biotech products have increased from 10 products to more than 700 today, Modi informed.

The Prime Minister emphasised that the "biotech sector is one of the most demand-driven sectors. The campaigns for Ease of Living in India over the years have opened up new possibilities for the biotech sector".

He pointed out that developments in health, agriculture, energy, natural farming, and bio fortified seeds are creating new avenues for the sector.