Union Minister of State (Independent Charge) Science & Technology; Minister of State (Independent Charge) Earth Sciences; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh said, India has a target of 300 billion US Dollars in Bioeconomy by 2030.
In a written reply to a question in the Rajya Sabha today, Dr Jitendra Singh said, India registered a sustained growth in Bioeconomy from $44 Bn US in 2019 to 80.1 Bn in 2021.
Bioeconomy is the production, utilization and conservation of biological resources, including related knowledge, science, technology, and innovation, to provide information, products, processes and services across all economic sectors. The Indian biotech industry is aligned around five major segments: BioPharma, BioAgriculture, BioIndustrial, Bio-energy and combined segment of BioServices comprising of BioIT, CROs, and Research Services.
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.