India’s Bio-economy Expected To Reach $300 Billion By 2030

$300 Billion India’s Bio-economy – Expected To Reach by 2030

India’s bio-economy is expected to reach $300 billion by 2030, according to Asian Lite International.

The country is emerging as a major bio-economy with rapidly growing biotech start-ups.

India’s bio-economy was one of the key factors in successfully combatting the COVID-19 outbreak and executing one of the world’s largest vaccination drives.

Speaking at the National Consultation Meeting on Bio-manufacturing, Union Minister of State (Independent Charge) Science & Technology, Dr. Jitendra Singh, stated that the government is committed to enabling a Circular-Bio-economy by advancing High-Performance Bio-manufacturing in the country. During the pandemic, India emerged stronger, and within two years, developed two vaccines, providing them to over 50 countries worldwide, according to Dr. Singh.

At the 20th Anniversary celebrations of the Association of Biotechnology Led Enterprises, Dr. Singh stated that India is emerging as a world bio-economy with fast-growing biotech start-ups. According to the Indian Bio-economy Report 2022, the country’s bio-economy was valued at $80.12 billion from January to December 2021.

The report also revealed that India’s bio-economy is expanding at a rapid pace, with three biotech start-ups incorporated every day in 2021, totaling 1,128 biotech start-ups set up that year, and

the industry crossed $1 billion in R&D investments. Dr. Singh highlighted that India has developed four indigenous vaccines in just two years under Mission COVID Suraksha, augmented the manufacturing of Covaxin, and established the required infrastructure for future vaccine development to make the country pandemic-ready.

During the event, Dr. Singh called on the industry to assist India in achieving its objective of a $300 billion bio-economy by 2030 and a $1 trillion Bio-economy during India’s centenary celebration, India@100.

India’s bio-economy is regarded as the country’s Sunrise Sector and encompasses pharmaceuticals, agriculture, bio-industry, bio-IT, and bio-services, among other sectors. Bio-Pharma accounts for the largest share of the bio-economy, at approximately 49%.

Additionally, the country has made significant progress in fostering an innovation-friendly environment in the biotechnology industry, with over 5,300 biotech start-ups in the country as of 2022. The country’s IT sector is also playing a critical role in establishing the groundwork for a robust bio-IT sector.

Moreover, with a variety of government initiatives towards capacity building, infrastructure development, and policy development, among others, the country can certainly build a robust bio-economy.

Reference

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