India's bio-economy has grown 8 times in the last 8 years : Myonlineprep

India's bio-economy has grown 8 times in the last 8 years

Union Minister Dr Jitendra Singh said India's bio-economy has grown 8 times in the last 8 years under Prime Minister Modi from $10 billion in 2014 to over $80 billion in 2022.
From a paltry investment of Rs 10 Crore in Bio-economy in 2014, the fund growth saw 400 times hike to Rs 4200 crore in 2022, creating over 25,000 high-skilled jobs. The number of Biotech incubators has increased from 6 in 2014 to 75 now, while Biotech products have increased from 10 products to more than 700 today.
The biotech industry crossed one-billion-dollar R&D spending, thanks to the Covid economy and it almost trebled within a year from 320 million dollars in 2020 to 1.02 billion dollars in 2021. India will soon enter the league of top-5 countries in Biotech's global ecosystem.
Biotech startups have grown 100 times in the last 8 years from 52 odd start-ups in 2014 to 5300 plus in 2022. 3 Biotech startups were incorporated every day in 2021 and a total of 1,128 biotech start-ups were set up in 2021 alone, signalling the rapid growth of the sector in India.

United Arab Emirates (UAE) emerged as the second largest importer of tea from India after the Commonwealth of Independent States (CIS) as a block, according to the latest data released by Tea Board.
During the period from January to September 2022, UAE imported 28.58 million kilograms of tea from India, a rise of 159 per cent from the similar nine-month period of 2021.
CIS countries imported 38.06 million kilograms during that period in 2022, up from 33.34 million kilograms in 2021.
During the nine months from January to September 2022, total exports of Indian tea stood at 165.58 million kilograms, higher than 142.55 million kilograms in 2021 in the same period.
Indian Tea Association (ITA), the apex body of planters, has predicted that exports of Indian tea would touch 230 million kilograms in 2022, as compared to 196 million kilograms in 2021.
The tea industry is also looking at the Chinese market for raising exports as the country has the highest consumption of beverages.