Finance Minister Nirmala Sitharaman outlines govt’s boost to biotech sector

By: |
March 2, 2021 1:45 AM

Speaking at a CII event, the minister said the country was able to quickly build up the capacity for testing, reflecting its efforts towards self-reliance. Also, today various countries are looking at India for the supply of vaccines.

"So there is an issue which is layered and as a result that has to be a matter ideally for the Centre and the states to talk about," she added."So there is an issue which is layered and as a result that has to be a matter ideally for the Centre and the states to talk about," she added.

Finance minister Nirmala Sitharaman on Monday said the government has supported over 3,500 start-ups and small businesses, and 55 bio-incubators in the wake of the Covid-19 outbreak, creating a pool of intellectuals in the biotech sector. Over 200 new products have been introduced in the market in recent months, thanks to the joint endeavour of the government and the private sector.

Speaking at a CII event, the minister said the country was able to quickly build up the capacity for testing, reflecting its efforts towards self-reliance. Also, today various countries are looking at India for the supply of vaccines.

In the Budget for FY22, the government has raised the spending on health and well-being by as much as 137% to Rs 2.24 lakh crore in FY22. The minister had earlier justified the inclusion of water and sanitation in health expenditure to show more than doubling of spending on that head by citing a World Health Organization (WHO) report that sanitisation was a crucial component of healthcare.

Even the actual allocation for the ministry of health and family welfare has been raised by 9.6% for FY22 and that of the Ayush ministry by a whopping 40%, she had said.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1As more states impose curbs, e-commerce companies brace for operational challenges
2Northern Arc raises Rs 40-cr debt from KMB to support micro entrepreneurs
3Delhi lockdown: Flipkart, Amazon suspend orders for non-essential goods following government order