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Union Minister of Science and Technology Dr Jitendra Singh announced that the government would be providing 75 ‘Amrit’ grants for high-risk, ambitious initiatives in the biotech field. These grants would be available for startups, the industry, academics and research bodies interested in integrated collaboration.

According to a PIB press release, these grants would be targetted at inter-disciplinary, multi-institutional initiatives, with a milestones-driven approach within the biotech sector. Multiple bodies can form a Team Science Grant body and apply for a Rs 10-15 crore grant over a two to three year period.

These grants would broadly hope to promote work in the fields of health, agribiotech, climate change, synthetic biology, and sustainable bioresource management.

According to Dr Singh, India’s bioeconomy industry is set to grow from $70 billion to $150 billion by 2025. The industry can only grow with active participation of all stakeholders, and has been chosen as one of the key sectors to fuel India’s growth over the next 25 years as announced by Prime Minister Modi earlier this month on Independence Day.