India has a target of 300 billion US Dollars in Bioeconomy by 2030, according to Union Minister of State (Independent Charge) for Science and Technology, Minister of State (Independent Charge) for Earth Sciences, and Minister of State (Independent Charge) for Personnel, Public Grievances, Pensions, Atomic Energy, and Space, Dr. Jitendra Singh.
Dr. Jitendra Singh stated that India registered a continuous increase in the bioeconomy from $44 Bn US in 2019 to 80.1 Bn in 2021 in a written response to a question in the Rajya Sabha today.
In order to supply information, goods, processes, and services across all economic sectors, the bioeconomy involves the production, use, and conservation of biological resources as well as the accompanying knowledge, science, technology, and innovation.
5 Segments that bolsters India’s Bioeconomy
Five main segments make up the Indian biotech (Bioeconomy) market: the combined segment of BioServices that includes BioPharma, BioAgriculture, BioIndustrial, Bio-energy, and
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.
