The next industrial revolution is set to be bio-economy driven, according to Union Minister Dr. Jitendra Singh. Speaking at the curtain-raising ceremony of the 4th edition of Global Bio India 2024 in New Delhi, he emphasized the government’s commitment to the sector. Singh highlighted that while the last industrial revolution in the 1990s was IT-driven, the upcoming revolution in the 21st century will be focused on bioeconomy.
Global Bio-India is a strategic initiative by the Department of Biotechnology and its public sector unit, Biotechnology Industry Assistance Research Council (BIRAC), aimed at propelling and positioning India’s biotechnology sector on the global stage. The event, scheduled from September 12 to 14 in the national capital, will bring together national and international biotech stakeholders to showcase India’s growing bio-economy and growth trajectory.
Dr. Jitendra Singh underscored the government’s priority in boosting the bioeconomy, noting that India’s bioeconomy has grown significantly over the last decade. From USD 10 billion in 2014, it has now surpassed USD 130 billion in 2024, with a projection to reach USD 300 billion by 2030. India has also made significant progress in the Global Innovation Index, climbing from 81st place in 2015 to 40th out of 132 economies.
The Minister highlighted that India ranks 3rd in the Asia-Pacific region and 12th globally in terms of biomanufacturing. He commended the Department of Biotechnology and BIRAC for fostering a culture of innovation and supporting companies involved in biotechnology development. Singh emphasized the need for collaboration between government and non-government sectors to address global challenges.
The COVID-19 pandemic has underscored the global importance of biotechnology, with the Science, Technology, and Innovation (STI) sector expected to progress rapidly. The passing of the Anusandhan NRF bill is set to boost investment and participation from the private sector. ‚Bio-Nest,‘ an incubator for startups, is expected to support over 120 startups by the end of the financial year.
Dr. Rajesh Gokhale, Secretary of the Department of Biotechnology, highlighted the significant growth in the biotechnology sector, with companies achieving a valuation of Rs 75,000 crore over the past decade. Biotechnology is considered one of the sunrise sectors, with nearly 28,000 proposals currently being evaluated for upscaling.
In conclusion, the bioeconomy is poised to drive the next industrial revolution, with India at the forefront of biotechnology innovation. The government’s commitment to the sector, coupled with private sector participation and innovation, is set to propel India’s bioeconomy to new heights.