Dr Krishna Ella, Chairman and Managing Director of Bharat Biotech on Wednesday welcomed the Union Budget 2022 and said that during COVID-19 pandemic budget outlay in the healthcare sector and vaccine self-reliance has helped the biotech industry.
While commenting on the Budget, in a statement, Dr Ella said, "The budget outlay on the 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," he added.
Dr Ella said Agriculture, Defence, and the Clean Energy sector are three notable statements in the Budget which is indeed promising and key to sustaining overall growth for the country.
"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 sustaining overall growth for the country."
He further said 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.
"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," he said.
Dr Ella said that the 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 per cent 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," he added.
Furthermore, bolstering Public-Private-Partnership (PPP) in Research and Development will boost the economy, said the Bharat Biotech chairman.
Union Finance Minister Nirmala Sitharaman tabled Union Budget 2022-23 on Tuesday.
( With inputs from ANI )
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