Dr. Jitendra Singh, the Union Minister for Science and Technology, officially unveiled a groundbreaking new Bioeconomy policy. He stated that India's bio economy is expected to grow from USD 10 billion in 2014 to over USD 130 billion in 2024, and USD 300 billion by 2030. According to Singh, Prime Minister Narendra Modi's Union Cabinet has approved the Bio E3 strategy. The goal of the strategy is to "Foster High-Performance Biomanufacturing," which is in line with national government programs like Mission LiFE (Lifestyle for Environment) and the "Net Zero" carbon economy.
Minister emphasized that India's emergence as a global biotech powerhouse would earn Prime Minister Narendra Modi international recognition as the champion of the new biotech boom. He highlighted the country's innovative, competitive, and rapidly growing biotech industry and emphasized the significant impact of the BioE3 policy on various sectors such as food, energy, and health.
He highlighted the six thematic themes which were 1. Bio-based chemicals and enzymes; 2. Functional foods and Smart proteins; 3. Precision biotherapeutics; 4. Climate resilient agriculture; 5. Carbon capture and its utilisation; and 6. Futuristic marine and space research.
Reiterating the success achieved in space and bio-economy sectors, the Minister underscored that the PPP model will be an intrinsic part of Bioe3 Policy implementation incentivising industry to promote employment generation.
He pointed out that bio-manufacturing and bio-foundry would play a crucial role in shaping India's future bioeconomy and fostering green growth. He also observed that since the policy shift under Prime Minister Narendra Modi, biotechnology research and bio start-ups have gained prominence and are being prioritized. He emphasized that it was an opportune time for Bio-Technology, highlighting the advancements made in this field within India.
He stressed that India has a huge wealth of bioresources, an unsaturated resource waiting to be harnessed and an advantage in Biotechnology especially due to the vast biodiversity and the unique bioresources in the Himalayas. Then there is the 7,500 kms long coastline and last year we launched the Deep Sea Mission which is going to dig the biodiversity beneath the seas.
Recalling the achievements of the last 10 years, India's bio economy skyrocketed from USD 10 billion in 2014 to over USD 130 billion in 2024, with projections to reach USD 300 billion by 2030, he reaffirmed that Biotechnology and huge potential for driving the next revolution of 21st Generation.
