Ease of Doing Business for MSMEs: To boost innovation among India's MSME and startup community, the government has simplified patents regime, said Commerce minister Piyush Goyal. The government, in September, had proposed a reduction in fees for different intellectual property rights (IPR) including patents and designs for startups and MSMEs to encourage innovation, Commerce ministry had said as reported by PTI. Currently, businesses are required to pay fees at various levels of filing IPR applications. The minister, speaking at an event for the biotechnology sector, assured that the government will provide the required support to new and emerging businesses in the biotechnology sector.
Goyal also launched a web portal for startups in the biotech space, adding that the sector is important to fulfil India's aspirations. "The Prime Minister’s Vision of New India is intertwined to DBT’s enterprising endeavours, said Goyal adding that "the aspirations of 1.3 billion Indians rests on our success to adopt technology, innovations that lead to transformations." Indian biotech sector was worth $51 billion in 2018 and is likely to become $100 billion in size by 2025 growing at 14.7 per cent year-on-year, according to Invest India — the national investment promotion and facilitation agency.
The minister said that India was the first country globally to have a separate Department of Biotechnology (DBT) and that 523 — the largest number of FDA approved drugs, outside the US, come from India. "From the present nearly Rupees 3.5 lakh crore worth of biotechnology industry in India, the DBT aims to top Rs 7 lakh crore output by 2025 and analysts say this could even touch Rs 11-12 lakh crores," he added. India is among the top 12 markets for biotechnology globally with around 3 per cent share in the global market for biotechnology. The country has over 600 core biotechnology companies, more than 2,600 biotech startups, and 41 BIRAC-supported incubators.