India registers sustained growth in bioeconomy, targets USD 300 billion by 2030

What is Bioeconomy?

Bioeconomy refers to the production, utilization, and conservation of biological resources. This includes related knowledge, science, technology, and innovation, to provide information, products, processes, and services across all economic sectors. It is important to note that the Indian biotech industry is aligned around five major segments, including biopharma, bioagriculture, bioindustrial, bio-energy and a combined segment of bioServices comprising of BioIT, CROs, and research services. Bioeconomy is seen as a means to address societal challenges.

To illustrate further, the use of bio-mass or renewable resources in energy production processes, use of green chemicals and materials, biofertilizers, and waste reduction may impact and have a cascading effect on carbon footprint, food and nutrition, health, energy independence, and environmental sustainability.

According to the Union Minister Jitendra Singh, “new innovative solutions are expected from the biotech Industry, research institutes, and growing biotech startup ecosystem.” This development comes in the wake of the government announcing earlier this month that the bioeconomy will be key to India’s future economy over the next 25 years. The Union Minister urged all the stakeholders of the biotech sector, particularly industry, startup ecosystem, investors, scientists, scholars, entrepreneurs, and enablers like DBT, BIRAC to collectively work to achieve the ambitious target.

The Union Minister further highlighted that the number of biotech startups in the country has increased from 50 to over 5,300 in the last 10 years, because of the growing enabling ecosystem and prioritization provided by Prime Minister Narendra Modi, adding that he hoped that biotech startups arising from a strong talent pool are expected to further increase by 2 times, to 10,000 by 2025.

Additionally, the minister had launched a special biotech ignition grant call for the northeast region (BIG-NER) and announced financial support of up to ₹50 lakhs each to 25 startups and entrepreneurs from North East Region to develop biotech solutions. He said India’s northeast has huge potential and talent to take forward the biotech sector and asked the Ministry to reach out to them. 

(With inputs from ANI)

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