New Delhi [India], August 1 : In a strong endorsement of public-private collaboration, Union Minister Jitendra Singh on Friday said the Central government under Prime Minister Narendra Modi has shown its openness to private sector participation across key sectors, including space, biotechnology, and nuclear energy, considering innovation and national development.
Speaking at an event organised by the Assocham on the topic 'Sovereign Tech for India's Digital Transformation', Singh highlighted the transformation that has taken place over the past decade, driven by reforms and strategic collaborations between the public and private sectors.
The Minister highlighted how the key sectors, such as space, biotechnology, and nuclear energy, are witnessing transformative reforms that pave the way for private innovation and leadership.
"The government headed by Prime Minister Modi, is open to the private sector, so lot many things happening simultaneously at different levels...The space industry was cited as a major success story, with projections indicating that India's space economy could grow from $8 billion to $40-45 billion in the next 8-10 years. Initiatives like Interspace and Interface have been instrumental in bridging the gap between private innovation and public infrastructure," Singh said at the event.
Biotechnology has also emerged as a priority area, especially in the aftermath of India's globally recognised vaccine development during the COVID-19 pandemic, said the Minister.
This success, Singh said, has positioned India as "a leader in preventive healthcare and bio-innovation."
He emphasised the critical role of the private sector in this achievement, along with contributions to breakthroughs such as the country's first indigenous antibiotic and gene therapy development.
Highlighting a broader shift in governance, the Minister urged private enterprises to step into roles traditionally occupied by the government, particularly in sectors like nuclear energy, which has recently been opened up.
"Build capacity, innovate, and reduce dependency on government support," Singh passed the message to the private sector in his address.
Noting that India's rising stature on the global stage is being bolstered by its science and research efforts, Singh said government-backed institutions like CSIR are partnering with private players in initiatives such as the purple revolution.
At the same time, he said, the government is ramping up investments in science through increased departmental budgets and the establishment of the National Research Foundation.
While public funding is growing, the Minister stressed the need for increased private investment.
He outlined the importance of sustainable funding strategies and the startup ecosystem.
"Startup is booming, with 49 per cent of new ventures emerging from Tier 2 and Tier 3 cities."
Looking ahead to 2047, Singh said the government envisions unlocking new growth areas, including coastal regions and underexplored health sectors.
However, he reiterated that true transformation requires a mindset shift, with the private sector embracing modern strategies, technologies, and platforms, including social media, to drive collaborative and inclusive growth.