Union Minister says, India’s bioeconomy is poised to touch 300 billion USD (US Dollar) by 2030

Source: The post is based on the article “Union Minister says, India’s bioeconomy is poised to touch 300 billion USD (US Dollar) by 2030” published in PIB on 24th February 2023

What is the News?

The Union Minister of Science & Technology has said that India’s bioeconomy is poised to touch 300 billion USD (US Dollar) by 2030, with its rising innovation and scientific temper.

Government is also committed to enable Circular-Bio-economy by advancing ‘High- Performance Bio-manufacturing’ in the country.

What is Bioeconomy?

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What is Circular Bioeconomy?

The bioeconomy aims to drive both sustainable development and circularity. In particular, the principles of the circular economy — reuse, repair and recycle — are a fundamental part of the bioeconomy. 

Through reuse, repair and recycling, the total amount of waste and its impact is reduced. It also saves energy, minimizes pollution of soil, air and water, thus helping to prevent damage to the environment, climate and biodiversity.

India’s Bioeconomy sector

India’s bioeconomy is likely to touch USD 150 billion by 2025 and over USD 300 billion by 2030.

The country’s bioeconomy has reached over USD 80 billion in 2021, registering a 14.1% growth over USD 70.2 billion in 2020.

On average, at least three biotech startups were incorporated every day in 2021 (a total of 1,128 biotech startups set up in 2021) and the industry crossed USD 1 billion in research and development spending.

Bio-Industry got a fillip from India’s Atma Nirbhar Bharat vision and India becoming“energy independent” by 2047.

Bio-Agri which comprises Bt Cotton, pesticides, marine biotech, and animal biotech and has the potential to nearly double its Bioeconomy contribution from USD 10.5 billion to 20 billion in 2025.