'India's bioeconomy skyrockets to over $130 bn in 2024, projections to reach $300 bn by 2030'

NEW DELHI: India's economy has witnessed a remarkable surge, growing from USD 10 billion in 2014 to over USD 130 billion in 2024, with projections set to hit an impressive USD 300 billion by 2030.

Dr Jitendra Singh, Union Minister of State for Science and Technology, lauded this extraordinary growth while formally releasing the groundbreaking BioE3 policy at the L Media Centre today.

Singh said, "India's bio economy skyrockets from USD 10 billion in 2014 to over USD 130 billion in 2024, with projections to reach USD 300 billion by 2030".

He added, "BioE3 policy will prove to be a milestone not only for the bio economy but a game changer for Viksit Bharat @2047".

According to the Ministry of Science and Technology, during the ceremony, Dr Singh hailed India as a global biotech powerhouse, crediting Prime Minister Narendra Modi's visionary leadership for this transformative journey.

Singh said, "As India emerges as a Global Biotech Powerhouse, Prime Minister Narendra Modi will be hailed across the world as the champion of new Biotech Boom".

The BioE3 policy, recently approved by the Union Cabinet under the chairmanship of PM Modi, aims to foster high-performance biomanufacturing, aligning with national initiatives such as the 'Net Zero' carbon economy and Mission LiFE (Lifestyle for Environment).

He said, "BioE3 policy will have a momentous impact on various sectors like food, energy and health".

Dr Singh described the policy as a significant milestone not only for India's bioeconomy but also as a game changer for the broader vision of 'Viksit Bharat @2047.'

Addressing the gathering, Dr. Singh highlighted the momentous impact of the BioE3 policy across various sectors, including food, energy, and health. The policy is centred around six thematic areas: bio-based chemicals and enzymes, functional foods and smart proteins, precision biotherapeutics, climate-resilient agriculture, carbon capture and utilisation, and futuristic marine and space research.

He also emphasised that the Public-Private Partnership (PPP) model will be integral to the policy's implementation, incentivizing industry participation and promoting employment generation.

According to Dr. Singh, the policy's focus on bio-manufacturing and bio-foundries will drive India's future bioeconomy and promote "Green Growth."

He said, "Bio-manufacturing and biofoundry will drive India's future bioeconomy and promote "Green Growth". He categorically remarked that "After a policy shift under Prime Minister Narendra Modi, Biotechnology research and biostartups are prioritised and have taken centre stage".

Singh said, "It is the best time for biotechnology, highlighting the progress of biotechnology in India".

He also emphasised India 's resources and said, "India has a huge wealth of bioresources, an unsaturated resource waiting to be harnessed and an advantage in biotechnology, especially due to the vast biodiversity and the unique bioresources in the Himalayas. Then there is the 7,500 km long coastline, and last year we launched the Deep Sea Mission, which is going to dig the biodiversity beneath the seas".

Recalling the achievements of the last 10 years, India's bio economy skyrocketed from USD 10 billion in 2014 to over USD 130 billion in 2024, with projections to reach USD 300 billion by 2030, He reaffirmed that Biotechnology has huge potential for driving the next revolution of 21st Generation.

He said " IT revolution was West driven the BioTechnology revolution will be India-driven."

Dr Rajesh Gokhale, Secretary Department OF Bio-Technology and Dr VK Saraswat, Member (S&T) Niti Ayog were also present for the release and media interaction.