India’s Bioeconomy To Touch $300 Billion By 2030
Dr. Jitendra Singh, the Union Minister, foresees bioeconomy as an influential factor in shaping India’s economic progress over the upcoming 25 years.
The unveiling of India’s Bioeconomy Report 2022 was accompanied by Dr. Singh’s prediction of India’s Bioeconomy swelling from 80 billion US dollars in 2021 to reach a staggering 300 billion US dollars by 2030.
Simultaneously, Dr. Singh initiated a specific Biotech Ignition Grant scheme targeted at the North East Region (BIG-NER). As part of the initiative, financial aid of Rs 50 lakhs each will be extended to 25 budding businesses and innovators from the North East Region, fostering the creation of biotech solutions.
Dr. Singh, who also serves as the Union Minister of State (Independent Charge) for multiple sectors including Science & Technology and Earth Sciences, stressed the pivotal role of Bioeconomy in steering India’s economic prospects in the coming 25 years.
Upon the release of India’s Bioeconomy Report 2022, Dr. Singh highlighted the impressive growth of India’s Bioeconomy, which saw a 14.1% increase from $70.2 billion in 2020 to over 80 billion US dollars in 2021. According to him, it is poised to reach a landmark
of 150 billion dollars by 2025 and soar past 300 billion dollars by 2030.India’s Bioeconomy To Touch $300 Billion By 2023
Dr. Singh invited all parties involved in the Biotech sector, including industry members, startups, investors, scientists, scholars, entrepreneurs, and supporting organizations like DBT and BIRAC, to join hands in reaching this ambitious milestone.
Dr. Singh observed an impressive surge in biotech startups in the country over the past decade, growing from a meager 50 to a substantial 5,300. He credited this growth to an encouraging ecosystem and the high priority given by Prime Minister Narendra Modi. He expressed optimism that the robust pool of biotech startups, fueled by the country’s abundant talent, would potentially double to exceed 10,000 by 2025.
Drawing attention to Prime Minister Modi’s presence at the inaugural National Biotech Startup Expo 2022, organized by DBT/BIRAC, Dr. Singh pointed to this as a testament to the sector’s growth potential and the innovativeness of our startup ecosystem.
As part of his initiatives, Dr. Singh introduced a special Biotech Ignition Grant for the North East Region (BIG-NER). He committed to providing financial assistance of up to Rs 50 lakhs each to 25 startups and entrepreneurs from the North East Region to develop biotech solutions. Recognizing the region’s potential and talent pool, he urged the Ministry to extend its reach to them.
Dr. Singh noted that Prime Minister Modi’s specific emphasis on the North Eastern region had reversed the trend of youth migration from the region. He also informed attendees that BIRAC/DBT has fostered a robust network of 74 specialized bio-incubation centers across 21 states/UTs, with 7 bio-incubators in the North East Region, thus emerging as a new hotspot. He further urged DBT/BIRAC to keep nurturing a vibrant bio-entrepreneurial ecosystem in the scenic, bioresource-rich North East to stimulate the local Bioeconomy.
Dr. Singh conveyed that India is among the top destinations worldwide for biotechnology, with its contribution to the global Biotechnology industry being around 3%. He highlighted that India is home to the second-highest number of USFDA approved manufacturing plants outside the US, which speaks volumes about the biotechnology sector’s potential to significantly contribute to India’s economic growth. This promising sector provides technological solutions for various sectors, including Healthcare, Industrial manufacturing, Agriculture, Environment, and Clean Energy.
Dr. Singh also pointed out that India is a global frontrunner in supplying DPT, BCG, and measles vaccines, having demonstrated self-sufficiency and provided support to several countries in the fight against Covid. He highlighted the resilient growth of the Biotech sector in the face of the Covid challenge, while other sectors struggled.
According to Dr. Singh, the biotech sector’s notable performance in developing vaccines, diagnostics, and therapeutics showcased to the world that India can spearhead the fight against global challenges like the COVID pandemic. With its homegrown solutions, it can serve not just domestic needs but also global requirements.
Dr. Singh noted that the country’s innovation ecosystem, from large-scale manufacturers to fledgling startups, has shown remarkable unity in response to the pandemic. Consequently, India has been largely self-sufficient in managing the pandemic, a momentum that must be preserved.
Dr. Singh provided data such as BioPharma companies that have benefited from risk-funding of about $71 Mn provided by the Department of Biotechnology and BIRAC for the development and manufacturing of Covid vaccines. The BioPharma Industry tripled their R&D spending in 2021 to almost $1 billion, up from $360 million in 2020, leading to a threefold increase in manufacturing capacity. According to the India Bioeconomy report 2022, the overall impact on Bioeconomy from Covid vaccines was noted to be $8.7 billion.
Dr. Gokhale, Secretary, DBT, remarked that the unveiling of the Bioeconomy 2022 report is significant as it coincides with the Azadi Ka Amrit Mahotsav, a celebration of India’s 75 years of independence. This report serves as an interim update on our path towards a self-reliant India.
Dr. Gokhale also mentioned India’s revised target year for 20% ethanol blending, which has been brought forward from 2025 to 2023. He noted that this sub-sector has shown a twofold growth, with the Ethanol production capacity doubling from 3.3 Bn liters in 2020 to 6.5 Bn liters in 2021. This growth will lead to savings on import costs, thereby positively impacting the Forex reserves and aiding in achieving the $10 Trillion overall economy target by 2030.
The Agriculture sector, which accounts for nearly 60% of India’s population, also holds significant potential for growth. BT Cotton, Biopesticides, Biostimulants, and Biofertilizers accounted for about $10.48 billion in 2021 for the country’s bioeconomy.
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