Biotechnology Sector in India – Scope, Challenges & Government Initiatives
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India’s biotechnology sector has evolved steadily and significantly in the last two decades, growing at a Compounded Annual Growth Rate (CAGR) of 20%. The government is currently aspiring to reach the target of USD 100 billion by 2025. Indeed, India has always been a high-performer when it comes to this sector. Yet, there still exist several lacunae that need to be addressed for both achieving the target and also ensuring further development.
What is biotechnology?
- Biotechnology is the area of biology that makes use of living processes, organisms or systems to manufacture products or technology to improve the quality of human life.
- Depending on the technology, tools, and applications involved, biotechnology can overlap with molecular biology, bionics, bioengineering,
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