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The Role of the Indian Government in Bioentrepreneurship: A Journey Towards “Aatm Nirbhar Bharat”
Abstract
Entrepreneurship correlates to the entrepreneur who is creative, has risk taking capability, promotes capital formation, and seeks out investment opportunities in the market. In the National Institute for Transforming India Aayog's 5th Governing Council, the Government of India (GoI) aims to take the Indian economy to USD 5 trillion by 2024. Thus, India needs to significantly increase employment opportunities for which GoI is promoting skill development through biotechnology entrepreneurship and investing appreciably with a special focus on R&D to develop India into a world class bio-manufacturing hub. The DBT in collaboration with BIRAC has implemented flagship schemes such as ‘Make in India' and ‘Start up India'. The major objectives of this chapter are to lay out (1) the role of GoI to empower startups for growth through innovation and design, (2) a detailed overview of the various schemes offered by GoI for promoting skill development and innovation through bio-entrepreneurship, (3) major challenges faced by the government for implementation of schemes.
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