Biotechnology to Drive India Towards Five Trillion Dollar Economy: Dr Jitendra Singh
| IOP Desk - 02 Feb 2024

IOP News Desk

New Delhi, Feb 2, 2024: Union Minister Dr Jitendra Singh said on Thursday that the Interim Budget for 2024-25 highlights the importance of innovation and startups in achieving the goal of a developed India by 2047.

He mentioned that the budget proposes a fund of Rs One Lakh Crore to boost private investment in emerging technologies. This initiative aims to create opportunities for our tech-savvy youth and promote the integration of youth and technology.

The Minister of State for Science & Technology, MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy, and Space made these remarks during a media interaction following the presentation of the Interim Budget in Parliament.

“A corpus of Rs 1 lakh crore announced in the Interim Union Budget to promote Innovation and StartUps coupled with a new scheme for Deep Tech StartUps in Defence and an exclusive Biomanufacturing scheme to supplement Bio-StartUps and bio-economy ….all point to Prime Minister Shri Narendra Modi’s clarity and conviction to optimally utilise Science & Technology for achieving the goal of Viksit Bharat by 2047,” he said.

Dr Jitendra Singh said, Atmanirbharta in Science & Technology will also get a fillip with the proposed new scheme to be launched for strengthening Deep-Tech technologies for Defence Sector.

Lauding the acclaimed success of the Department of Biotechnology, Ministry of S&T, in developing a series of vaccines, Dr Jitendra Singh said, the Interim Budget proposes the vaccination against cervical cancer of girls in the age group of 9-14 years for the prevention of the disease.

Dr Jitendra Singh had announced India’s first indigenously developed vaccine, “CERVAVAC” for the prevention of cervical cancer, developed by DBT and the Serum Institute of India, Pune, in September, 2022.

Dr Jitendra Singh said the Interim Budget also proposes a new scheme of bio-manufacturing and bio-foundry which will provide environment friendly alternatives such as biodegradable polymers, bio-plastics, bio-pharmaceuticals and bio-agri-inputs.

“DBT will again play a key role in this scheme that promotes green growth and will help transform today’s consumptive manufacturing paradigm to the one based on regenerative principles,” he said.

Dr Jitendra Singh said, the Finance Minister also referred to a strategy to achieve ‘atmanirbharta’ in oil seeds by developing high-yielding varieties. Besides, said the Union S&T Minister, the Interim Budget also promotes climate resilient activities for achieving a Blue Economy.

“In the years to come, "Blue Economy" will be a major contributor to India's overall economy and the Deep Ocean Mission announced by Prime Minister Modi will be the core component of it,” he said.

As a part of the Samudrayaan Mission, undertaken by the Union Ministry of Earth Sciences, India aims to send three persons in a submersible called MATSYA to a depth of 6000 meters for exploration of deep-sea resources like minerals. This mission, he said, is expected to be realized in the next 2-3 years.

Dr Jitendra Singh said, the Interim Budget promotes indigenous Solar Energy manufacturers in a big way by laying out a Sustainable and Eco-Friendly approach to Power Subsidy by linking it to Roof Top Solar Development that sells back power to the Distribution Grids.

“As India moves towards its goal of Net Zero by the year 2070, as committed by PM Modi, the budget speech also stresses on expansion of the EV ecosystem,” he said.

All these initiatives, said Dr Jitendra Singh, will give a further boost when the full-fledged budget will be presented in July.

“The interventions would provide impetus to technology led development for realization of a five trillion dollar economy and meeting the Sankalp of Viksit Bharat during Amritkaal,” he said.

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