New Delhi, 03 November (H.S.): Union Minister of Commerce and Industry Piyush Goyal has emphasised the need to accelerate regulatory approval processes, facilitate easier access to funding for startups and strengthen collaboration between industry and academic institutions to drive the growth of India's bioeconomy.

According to the Ministry of Commerce and Industry, Piyush Goyal made these observations while chairing a high-level roundtable discussion titled 'Bioeconomy Opportunities in India: Role of Startups in Driving Innovation and Growth' at Vanijya Bhawan in New Delhi on Tuesday.

The roundtable was organised by the Department for Promotion of Industry and Internal Trade (DPIIT) in collaboration with NITI Aayog and the NITI Frontier Tech Hub.

Addressing the meeting, Piyush Goyal stressed the importance of harnessing India's scientific capabilities and entrepreneurial talent to position the country as a global leader in the bioeconomy. He highlighted the need for faster regulatory clearances, improved access to finance, shared infrastructure and stronger partnerships among industry, academia and the government.

The Minister also called for time-bound action on the recommendations emerging from the roundtable. The meeting brought together policymakers, leading industry representatives and biopharma startups to deliberate on strategies for accelerating the development of India's bioeconomy.

In a post on X, Piyush Goyal said he had held discussions with India's biopharma and biotechnology startups, during which key challenges were examined and opportunities for unlocking new avenues of growth were explored.

He said the discussions highlighted the need for coordinated efforts to simplify regulatory procedures, improve access to funding, expedite patent approvals and strengthen domestic procurement mechanisms as well as research infrastructure.

Piyush Goyal noted that closer collaboration among the government, industry and research institutions would enable innovative startups to scale up their operations and contribute more effectively to India's expanding bioeconomy.

He emphasised that creating a supportive ecosystem through streamlined approvals, accessible financing and stronger institutional partnerships would be crucial to unlocking the sector's full potential and positioning India as a globally competitive hub for biotechnology and biopharmaceutical innovation.

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Hindusthan Samachar / Jun Sarkar