Role of Bio-Technological Industry in India GDP

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The Role of Bio-Technological Industry in India GDP is a promising one. The Bio Technology sector in India is very young, but the sector is growing very fast and may become the India's leading industrial sector in the future. The modern management techniques and the innovations are the growth drivers pertaining to the Bio Technology sector in India. This sector also has huge scope in the global economic arena.

Role of Bio-Technological Industry in India GDP-Facts

  • Indian Bio Technology sector is among the five rising biotech industries in the region of Asia-Pacific
  • The Indian Bio tech industry is the biggest producer of vaccine in the world
  • The Bio Technology sector in India is the largest producer of Bt cotton
  • The Bio Tech industry in India has the maximum number of companies operating under it
  • There are 325 different companies with the Indian biotech industry
  • The total revenue generated annually is around US$ 2 billion
  • The growth rate of the sector is around 35 to 40 annually

Bio-Technological Industry in India-Functions

  • Bio-Technological is a combination of technology and science pertaining to the field of biology
  • The application of biotechnology is done in order to transform, natural and genetic systems for a particular use
  • The biotechnology sector comprises of several fields such as bio agriculture, bio pharmaceuticals, bio fuels, etc.
  • In India few companies have discovered biotechnology-based medicine pertaining to diabetes and cancer
  • The agricultural sector is immensely benefited by this biotech industry
  • The development of transgenic crops such as rice, chickpea, and corn is one of the success stories of the Indian Bio Technology sector
  • Bt cotton is one of the most significant genetically modified crops grown extensively in India
  • The total area under the cultivation of Bt cotton in India is more than 6 million hectares
  • The growth of the transgenic crops sector is highest in India, nearly 200 %, where as the international average growth in this sector is 13%

Role of Bio-Technological Industry in India GDP-Trends

  • With the continuous development in the Indian Bio tech industry, several trends are coming up
  • Hyderabad has become one of the major centers for research pertaining to biotechnology, with the establishment of the Genome Valley project
  • The Genome Valley project earns a foreign exchange of US$ 1.24 billion per year
  • The state of Gujarat has become a hub of biotechnology with the huge concentration of biotech companies in the state
  • The biotech sector expects a major part of the revenue to come from the Indian pharmaceutical industry
  • The biotech sector also acts as a Contract Research Organizations (CRO), catering to several other organizations
  • The Indian market of Contract Research Organizations is growing at the rate of 30% to 40% and is presently worth US$ 250 million
  • The exports pertaining to the Bio-Technological Industry in India is increased by 47% according to the Biotech Industry Survey
  • The investments in the Biotech Industry was mare than US$ 580 million in the year 2006-07
  • The major investors in the biotech sector are AstraZeneca, Jubilant, Biocon, GE Healthcare, etc
  • The Indian Biotechnology Industry comprises of biopharmaceuticals, bioservices, bioagriculture, bioinformatics, and bioindustrials sectors
  • The biopharmaceuticals sector makes up for 40% of the industry and represented a growth of 27% with the sales amounting to US$ 1.46 billion in 2006-07
  • The bioservices sector accounting 21% of the industry registered a growth of 53%
  • The bioagriculture segment accounting 19% of the industry registered a growth of 55%
  • The bioinformatics and bioindustrials sector accounting 14% and 5% of the industry respectively registered growth of 21% and 5%
  • India has become one of the most favorable places pertaining to the bioinformatics, clinical research, contract research and manufacturing, collaborative research and development, which would provide tremendous boost to the Biotech industry

Role of Bio-Technological Industry in India GDP-Government Initiatives

  • The Government of India recognized the potential of the biotech sector in the development of the economy of the country
  • The National Biotechnology Board (NBTB) was set up in the year 1982 as the premiere agency to formulate long term developmental plans for the biotech industry
  • The Department of Biotechnology (DBT) was set up in the year 1986 as a government department
  • The Government of India has allowed 100% foreign-based investments for the manufacturing of all kinds of drugs apart from cell-targeted therapies and recombinant DNA products