New Delhi, November 2 — Commerce and Industry Minister Piyush Goyal on Monday met India's biopharma and biotechnology startups in New Delhi to review the operational bottlenecks holding the sector back and to identify interventions that could help young companies grow faster, news agency ANI reported.
Source: ANI via Daily Prabhat
Writing on X after the interaction, Goyal said the discussion covered "the need for coordinated action to simplify regulatory processes, improve access to funding, expedite patent approvals, and strengthen indigenous procurement and research infrastructure." He added that stronger collaboration between government, industry and research institutions would help innovative startups scale and contribute to India's growing bioeconomy.
NationPress reported that the talks also focused on the Biotechnology Industry Research Assistance Council (BIRAC), which is building shared infrastructure such as bio foundries, Bio-AI hubs and advanced biomanufacturing platforms, and on the Centre's BioE3 policy covering areas including precision biotherapeutics, smart proteins, climate-resilient agriculture, bio-based chemicals and carbon capture.
Source: NationPress
The ₹1 lakh crore RDI fund
According to NationPress, the government has set up a Research, Development and Innovation (RDI) Fund with an outlay of ₹1 lakh crore, under which BIRAC has been given a lead role in channelling long-term investment into projects that are ready for scale-up and technology translation.
NationPress, citing the India BioEconomy Report (IBER) 2026, reported that the bioeconomy has grown from about $10 billion in 2014 to over $195 billion in 2025 — a compound annual growth rate of nearly 18 per cent — and that more than 11,800 biotech startups are already operating in the country.
No new scheme or decision was announced at Monday's meeting. It was a consultation, and the minister signalled that coordinated inter-ministerial action to address the sector's structural constraints is under consideration.