Union Minister of State (Independent Charge) Science & Technology, Dr. Jitendra Singh said India has a target of 300 billion US Dollars in Bioeconomy by 2030. India registered a sustained growth in the Bioeconomy from $44 Bn US in 2019 to 80.1 Bn in 2021.
Bioeconomy is the production, utilization 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 the combined segment of BioServices comprising of BioIT, CROs, and Research Services.
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 effects on carbon footprint, food and nutrition, health, energy independence, and environmental sustainability. New Innovative solutions are expected from Biotech Industry, Research Institutes and the growing Biotech Startup ecosystem.
