Dr Krishna Ella, Chairman & Managing Director, Bharat Biotech, says the budget announcement in 2002 which laid thrust on Agriculture, Defence and Clean Energy will be the sector that will contribute to the ecosystem in a big way. He stated, “Increased focus on startups by extending more support and incentivizing entrepreneurs in Agriculture, Defence, and the Clean Energy sector are three notable statements in the Budget which are indeed promising and key to sustain overall growth for the country.
Further, putting a strong focus on infrastructure and logistics, laying down a firm road map to augment growth in development provides greater momentum to the Agriculture Industry. Promoting Chemical-free products, drones for farmers, NABARD finance for startups, machines, and IT-enabled businesses will all provide a great push to agro-startups. Dr Krishna Ella added.
Dr Krishna Ella excited about Agri, Defence, Clean Energy Startup Sector
Agri-education reform, reduced oil imports, millet product branding, public-private partnership encouragement, and portals for selling their goods would help to develop this sector.
Make in India and Made in India Focus in Defence is another key component of this budget with an announcement to buy 68 percent of defence products locally made in collaboration with university and industry through the DRDO SPV. Significant expansion in the sector will also fuel a greater focus on defence research and development – Dr Krishna Ella says.
Furthermore, bolstering Public-Private-Partnership (PPP) in Research and Development will boost the economy.
The budget outlay on healthcare sector and vaccine self-reliance during the pandemic has helped the biotech industry not only to speed up research and development, but also augment manufacturing. Continuing reforms and Government contributions towards ‘Sabka Prayaas’ to build a national digital health ecosystem, academia, industry and public institutions collaborations will further help augment the development of science and innovation in the country as well as nurture healthcare startups.
