India's bio-economy likely to touch USD 300 billion by 2030

NEW DELHI: India is emerging as the world's major bio-economy with fast-growing biotech start-ups which is likely to touch USD 300 billion by 2030, reported Asian Lite International.

India's cutting-edge developments in its bio-economy were one of the key factors in its ability to successfully combat the Covid outbreak and carry out one of the world's largest vaccination drives.

Union Minister of State (Independent Charge) Science & Technology, Dr Jitendra Singh, speaking recently at the 'National Consultation Meeting on Bio-manufacturing to build a Draft Policy Framework on Biomanufacturing', said that the government is committed to enabling Circular-Bio-economy by advancing 'High-Performance Bio-manufacturing' in the country, reported Asian Lite International.

"During the Covid pandemic, when the world thought that India would be the biggest Covid hotspot, we emerged stronger and within 2 years, came out with 2 vaccines and provided the same to more than 50 countries around the world," he added. "India is emerging as the world's major bio-economy with fast-growing biotech start-ups," said Singh at the 20th Anniversary celebrations of the Association of Biotechnology Led Enterprises (ABLE).

The country's bio-economy was valued at USD 80.12 billion between January and December of 2021, according to the Indian Bio-economy Report 2022.

Also, the report included some fascinating information about India's expanding bio-economy, such as the fact that three biotech startups were incorporated every day in 2021 (A total of 1,128 biotech start-ups set up in 2021), the industry crossed USD 1 billion in R&D investments, among others, reported Asian Lite International.

He highlighted that India has developed four indigenous vaccines in just two years under 'Mission COVID Suraksha', augmented the manufacturing of Covaxin, and created the necessary infrastructure for the smooth development of future vaccines so that the country is pandemic-ready.

Speaking at the event, Singh called upon the industry to help India achieve the target of USD 300 billion bio-economy by 2030 and USD 1 trillion Bio-economy in the centenary celebration of India, India@100, reported Asian Lite International.

Regarded as 'India's Sunrise Sector', the bio-economy stretches over sectors like pharmaceuticals, agriculture, bio-industry, bio-IT, and bio-services, among others.

Additionally, Bio-Pharma accounts for the largest, approximately 49 per cent, the share of the bio-economy.

Moreover, the country has made remarkable progress in creating a conducive environment for innovation in the biotechnology industry, housing more than 5,300 biotech startups in the country as of 2022, reported Asian Lite International.

The country's IT sector is also playing an instrumental role in setting up the foundation for an equally strong bio-IT sector. Furthermore, with an array of initiatives by the government towards capacity building, infrastructure development, and policy development, among others, the country can surely develop a robust bio-economy.