Bioscience to Bioeconomy

- Recently, the BIO-INDIA 2021 Summit, a 3-day event was held by the Department of Biotechnology.

The Biotechnology Sector is recognised as the Sunshine sector with approximately 3% share in the global Biotechnology industry and is among the top-12 destinations for biotechnology in the world proving one of the key drivers for contributing to India’s USD 5 Trillion economy target by 2024.
According to the World Bank’s Ease of Doing Business Report 2020, India is now ranked 1st among South-Asian countries compared to 6th rank in 2014.
The Biotechnology sector can expand with the multiplying effect especially in 4 major areas like Agri tech, Clean tech, Medi tech and Waste & sanitation tech.
The Industrial Ecosystem is already being built in India where biotechnology is producing tangible products but its impact needs to be reached to the common man and as a result inculcating innovative growth in the near future.
Eg: Vaccine for corona.
India being a Knowledge driven economy may experience an exponential growth instead of linear growth by expansion of the Biotechnology sector.

For achieving innovation driven growth, a huge investment is needed which can be brought by the private sector.
Policy regulation and implementation at every level is the need of the hour.
Connecting Societal problems with innovation can open all the sectors towards biotech solutions.
Private sector collaboration with the state in building various projects.

Biotechnology is the culmination of interdisciplinary sciences and biotech led solutions have potential to impact the common man and take innovation to global level.

Today Current Affairs Upsc Exam Syllabus & Previous Yearpaper.