Union Minister of Commerce and Industry, Piyush Goyal has said that the Central government has simplified the patents regime for start-ups, micro, small and medium enterprises to encourage innovation in the country.
Addressing a gathering after giving away awards at the Global Bio-India Summit 2019, Goyal also assured that the government will extend all support to new and emerging enterprises in the biotechnology sector.
"The Prime Minister's vision of new India is intertwined to DBT's (Department of Biotechnology) enterprising endeavours... The aspirations of 1.3 billion Indians rest on our success to adopt technology - innovations that lead to transformations," he said.
The Union Minister added that the country was the first in the world to have a separate department of biotechnology.
"Outside the US, the largest number of FDA approved drugs, 523 in numbers, come from India... From the present nearly Rs 3.5 lakh crore worth of biotechnology industry in India, the Department of Biotechnology aims to top Rs 7 lakh crore output by 2025 and analysts say this could even touch Rs 11/12 lakh crore," he added.
Calling upon academia, industry and government to come together, Goyal said sustainability will be the fulcrum for innovation.
He also gave away GBI awards and released various reports besides launching a web portal for biotechnology start-ups.
NITI Aayog member Dr Vinod K Paul and DBT Secretary Dr Renu Swarup also addressed the gathering.
( With inputs from ANI )