India Has A Target Of $300 Billion In Bioeconomy By 2030: Union Minister Jitendra Singh

Union Minister of State (Independent Charge) for Science and Technology Jitendra Singh on Thursday (28 July) said that India has a target of $300 billion in Bioeconomy by 2030.

In a written reply to a question in the Rajya Sabha, Singh said that India registered a sustained growth in Bioeconomy from $44 billion in 2019 to 80.1 billion in 2021.

Bioeconomy is the production, utilisation and conservation of biological resources, including related knowledge, science, technology, and innovation, to provide information, products, processes and services across all economic sectors.

The Indian biotech industry is aligned around five major segments: BioPharma, BioAgriculture, BioIndustrial, Bio-energy and combined segment of BioServices comprising of BioIT, CROs, and Research Services, the Science and Technology Ministry said in a release on Thursday.

Bioeconomy is seen as a means to address societal challenges. For example, use of bio-mass or renewable resources in energy production processes, use of green chemicals and materials; biofertilizers, waste reduction etc. may impact and have cascading effect on carbon footprint, food and nutrition, health, energy independence, and environmental sustainability.

New Innovative solutions are expected from Biotech Industry, Research Institutes and growing Biotech Startup ecosystem