India Aims for a $150 Billion Bio-Economy by 2025!
New Delhi, August 22 – On Tuesday, Dr. Jitendra Singh, the Minister of Science and Technology, shared some great updates. He announced that India is well on its way to achieving a remarkable $150 billion bio-economy by the year 2025, a substantial leap from the already impressive $100 billion recorded in 2022.
Dr. Singh’s statement was in line with his oversight of the formal establishment of the ‘Implementation Arrangement’ between the Department of Biotechnology (DBT) and the United States- National Science Foundation (US-NSF) at an event conducted in New Delhi.
This development follows a constructive discussion that took place in June 2023 between Dr. Rajesh S Gokhale, the Secretary of DBT, and Dr. Sethuraman Panchanathan, the Director of NSF. The primary aim of this dialogue was to explore collaborative opportunities for a ‘Strategic Partnership’ between the DBT and the US-NSF.
Dr. Singh also emphasized that during Prime Minister Narendra Modi’s recent visit to the United States in June, the leadership of both nations underscored the extension of existing collaborations into the domains of advanced biotechnology and biomanufacturing. Additionally, they sought to enhance biosafety, biosecurity innovation, practices, and norms.Dr. Singh highlighted the
significant contribution of India’s thriving bio-economy to the nation’s overall economic growth.With a current market share of 3-5% in the global biotech sector, India ranks 12th globally and 3rd in the Asia-Pacific region.Adding to India’s accomplishments, Dr. Singh highlighted that the nation proudly holds the title of having the world’s third-largest startup ecosystem and also leads as the largest vaccine manufacturer. India’s position in global science and technology rankings is on a continuous ascent, securing the 40th spot among innovative economies in the Global Innovation Index 2022.
Dr. Singh emphasized the crucial contribution of the Department of Biotechnology in laying a solid foundation for biotech innovation, research, and manufacturing across a wide range of sectors, including bio-pharma, agricultural biotechnology, industrial biotechnology, and bioinformatics. These strides have been made possible through strategic collaborations, the Make-in-India initiative, and the Atma Nirbhar Bharat program.
Dr. Singh took a moment to express his appreciation for the unwavering backing of the Indian Government in nurturing technology-based innovation, in line with Prime Minister Modi’s vision of self-reliance (Aatmanirbharta). He commended DBT and NSF for fortifying the collaborative ties between India and the USA through the formalization of this ‘Implementation Arrangement.‘Addressing global challenges such as climate change, resource utilization, and sustainable practices, Dr. Singh stressed the need for unified efforts towards sustainability.
To address these issues, he called for research and innovation strategies in Biomanufacturing to accelerate progress towards global sustainability goals.The ‘Implementation Arrangement’ serves as the cornerstone for the collaboration between India and the US, aimed at expediting innovations in ‘Biotechnology Innovation and Biomanufacturing.’ This collaboration will drive the advancement of knowledge, technologies, and innovation through research, bolstering biotechnology industries and promoting the bioeconomy in both nations.
Dr. Sethuraman Panchanathan, the Director of NSF, echoed the notion that the collaboration between the USA and India holds the potential to jointly address urgent global challenges like climate mitigation and energy objectives through the realms of biotechnology innovation and biomanufacturing.
Dr. Rajesh S Gokhale, the Secretary of DBT, further added that this partnership marks a pivotal step towards jointly addressing innovation challenges and enhancing technological opportunities.
This partnership will harmonize DBT’s endeavours, fostering advancements in high-performance Biomanufacturing, thereby advancing the cause of a circular economy for a sustainable, eco-friendly, and prosperous India.
India Aims for a $150 Billion Bio-Economy by 2025!
