Recently, Union Minister of State Jitendra Singh stated that India has developed a roadmap and strategy for a bioeconomy that will gradually reach $150 billion by 2025.
The bioeconomy is the production, use and conservation of biological resources, including associated knowledge, science, technology and innovation, to provide information, products, processes and services in all sectors of the economy. India's bioeconomy continues to grow from $44 billion in 2019 to $80.1 billion in 2021.
The Indian biotechnology industry is organized around five major market segments - biopharmaceuticals, bioagriculture, bioindustry, bioenergy, and a portfolio sector of bioservices, including bioIT, CRO, and research services. The bioeconomy is seen as a means of addressing societal challenges.
For example, the use of biomass or renewable resources in energy production processes, the use of green chemicals and materials, biofertilizers and waste reduction may have an impact and positive effect on carbon footprint, food and nutrition, health, energy independence and environmental sustainability. The bioeconomy will be the key to India's economy over the next 25 years.
This will facilitate the creation of infrastructure for biomanufacturing of low-carbon bio-based products," he said. India has also recently launched the National Hydrogen Mission to enable cost-competitive green hydrogen production. National mission initiatives such as "Make in India", "Digital India", "Startup India" and "Green India", Smart Cities have encouraged clean energy innovation centers across the country. In addition, India has undertaken R&D initiatives to develop low-carbon alternatives to single-use plastics in an integrated manner. India's bioeconomy has grown nearly tenfold in the last eight years, currently reaching $80 billion, and is expected to nearly triple to $300 billion in the next eight years. The COVID-19 pandemic has given a significant boost to India's bioeconomy and made the country a major destination for R&D and manufacturing. India is leading the fight against COVID-19 with more than $1 billion in R&D spending in 2021. India has made significant progress in creating a conductive environment for innovation in the biotech industry, with more than 5,300 biotech startups as of 2022.
This ideology could provide opportunities for Indian businesses to continue their growth trajectory without putting undue strain on current resource availability. Industrial and agricultural applications of biotechnology reduce dependence on fossil materials and energy sources, promote sustainable management of resources, and reduce greenhouse gas emissions. With Prime Minister Modi's announcement to make India a $100 billion biomanufacturing hub by 2025, the giants of India's biotech industry are making great efforts to achieve this goal. With major initiatives in capacity building, infrastructure development, and policy development and improvement by the Indian government, India is well on its way to establishing a strong bio-economic foothold in the world.
