Piyush Goyal Calls For Faster Approvals, Easier Funding To Boost India's Bioeconomy

(MENAFN- IANS) New Delhi, Nov 3 (IANS) Commerce and Industry Minister Piyush Goyal has called for faster regulatory approvals, improved access to finance and stronger industry-academia collaboration to accelerate the growth of India's bioeconomy, an official statement said on Tuesday.

Chairing a high-level roundtable on 'India's Bioeconomy Opportunity: Role of Startups in Driving Innovation and Growth' here, Goyal stressed the need to leverage the country's scientific capabilities and entrepreneurial talent to position India as a global leader in the sector, according to the Commerce Ministry.

The minister also called for time-bound action on recommendations emerging from the discussions, which focused on strengthening the biopharma startup ecosystem through streamlined regulations, faster approvals, improved access to finance and shared infrastructure.

Participants in the roundtable – that was organised by the Department for Promotion of Industry and Internal Trade (DPIIT) in collaboration with NITI Aayog and NITI Frontier Tech Hub -- discussed a proposed regulatory sandbox, single-window clearance, global regulatory alignment and simplified patent application processes to facilitate innovation and enable startups to scale up.

They also discussed Biopharma SHAKTI -- announced in the Union Budget 2026-27 -- and the need to develop shared laboratories, testing facilities and clinical trial infrastructure to reduce costs for startups.

Meanwhile, Distinguished Fellow at NITI Aayog Debjani Ghosh highlighted the importance of collaboration among startups, industry, academia and the government in building a globally competitive bioeconomy.

Similarly, NITI Aayog Member Gobardhan Das stressed the need to strengthen research capabilities and translate scientific discoveries into commercially viable products.

The roundtable also deliberated on strengthening indigenous life sciences manufacturing, expediting customs clearance for laboratory equipment and reagents, and simplifying access to government schemes and regulatory support.

“Participants emphasised the need for stronger inter-ministerial coordination to facilitate coherent policy interventions and ensure faster resolution of sector-specific challenges,” according to the Commerce Ministry.

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