The industrial landscape in India is on the brink of a significant transformation, with the bio-economy poised to lead the charge in the 21st century. Union Minister Dr. Jitendra Singh recently highlighted this shift, stating that while the last industrial revolution in the 1990s was driven by the IT sector, the upcoming revolution will be steered by bio-economy. This announcement was made at the curtain raiser ceremony of the fourth edition of Global Bio India 2024, held at the National Media Centre in New Delhi.
According to Dr. Singh, India’s bioeconomy has experienced remarkable growth in the past decade, increasing from $10 billion in 2014 to over $130 billion in 2024. This exponential growth is projected to reach $300 billion by 2030, positioning India as a key player in the global bio-economy landscape. Additionally, India has significantly improved its ranking in the Global Innovation Index, climbing from 81st place in 2015 to 40th out of 132 economies.
The Minister of Science and Technology also highlighted India’s standing in biomanufacturing, ranking third in the Asia-Pacific region and 12th globally. This achievement underscores the country’s potential to become a hub for biotechnology innovation and production. Dr. Singh emphasized the need for collaboration between government and non-government sectors to address the challenges facing humanity, leveraging the growth of the bio-economy for societal benefit.
With the recent passing of the Anusandhan NRF bill, the Science, Technology, and Innovation (STI) sector in India is expected to witness rapid progress. Dr. Singh mentioned the increased investment and participation from the private sector, which will further fuel the growth of the bio-economy. He also highlighted initiatives like ‚Bio-Nest,‘ an incubator for startups, which is set to support over 120 startups by the end of the financial year.
The Minister pointed out the emergence of new biotechnology products in the vegan category, indicating a shift towards sustainable and environmentally friendly solutions. He emphasized the significant employment and entrepreneurship potential of the biotech sector, as well as its impact on industries such as pharmaceuticals, food processing, agriculture, and enterprise. Dr. Singh reiterated the government’s commitment to empowering the nation and its economy, irrespective of political compulsions.
The Global Bio-India 2024 event, scheduled to take place from September 12-14 at Pragati Maidan, New Delhi, is set to be the largest biotech event in the country. With a focus on showcasing India’s advancements in the bio-economy sector, the event is expected to attract stakeholders from across the globe, fostering collaboration and innovation in the field. As India gears up for the bio-economy revolution, the stage is set for a new era of growth and development in the country.