BioVoice News eMag August 2023 | Page 37

How has been your growth and what drives it ?
We have been constantly on double digit growth since the last 18 years . The growth factors that are driving it include showcasing innovations across multiple industries including household care , biofuels , textiles , agriculture . It is a combination of organic growth , new innovations and new opportunities .
What are your plans for FY 2023-24 ? New verticals where you are focusing and how it will impact Novozymes ?
We are working extensively on the food space and in India , there are many opportunities . At the same time , to be successful here in India , it is important to understand the flavors and ingredients well . We are making flat breads such as ready made parathas and chapatis or dosa batter for the supermarkets which is an emerging category . We have a full fledged team in Bengaluru to work on chewability and structure of the food products . It was unthinkable a few years ago but we are working on these emerging areas . Then there are unique opportunities such as fast foods with less sugar , oil and salt . Similarly , the millet are being explored extensively in India and we are also doing our own set of experiments . In terms of decarbonization , I believe that biotechnology will be a pathway to achieve the targets .
On the CSR front , what are the key initiatives being undertaken by your company ?
We are very passionate about CSR . The company is working in areas such as water and sanitation . There are a few initiatives in education and STEM as well . Our flagship initiative , Novozymes Water Opulence ( NOWO ) project in Patalganga helps to facilitate water for the villages around our production facility . We have also built a check dam to collect the rainwater and store it for farmers to cultivate their second crop . Our combination of efforts have brought a change in our neighbourhood and that gives us immense satisfaction .
Your outlook for future market growth in India ?
My outlook is very bullish . India is at a stage where we are marching confidently toward US $ 5 trillion economy . Compared to 1983 when we started our operations in India and the per capita income of the country was US $ 270 , the per capita income is US $ 2500 . In the future , it will be US $ 5000 which means the consumption in future will be different from today . Our ambition of a US $ 300 billion biotech industry by 2030 is very aspirational and dates to reach there might vary but it is certainly quite achievable with the right direction . India of today is a lot more aspirational and the geopolitical situation provides a lot of opportunities .

BioTech

BIOVOICENEWS . COM 37