Report Says India's Bioeconomy Likely to Reach $300 Billion by 2030
India's bioeconomy is projected to reach 150 billion US dollars by 2025 and over 300 billion US dollars by 2030.
The Biotechnology Industry Research Assistance Council has published the India BioEconomy Report 2022, which is based on statistics regarding the biotech sector's economic contribution (BIRAC).
According to the report, the country's bioeconomy has grown by 14.1%—from USD 70.2 billion in 2020 to USD 80 billion in 2021.
It stated that India produced USD 219 million daily in bioeconomy, totalling USD 80.12 billion in 2021.
On average, at least three biotech firms were incorporated every day in 2021 (1,128 biotech startups in 2021), while industry research and development spending surpassed $1 billion. "A threefold increase from USD 320 million to USD 1.02 billion in one year," it stated.
According to a report, India provided over 4 million doses of COVID-19 vaccines each day (a total of 1.45 billion doses in 2021), while the nation completed 1.3 million Covid-19 tests per day in 2021. (total of 506.7 million tests).
At the launch of the report, the minister of state for science and technology, Jitendra Singh, stated that the number of biotech startups in the country has increased from 50 to over 5,300 over the past decade due to the expanding enabling ecosystem and Prime Minister Narendra Modi's emphasis on the sector.
He believed that the number of biotech firms spawned by a robust talent pool would more than double by 2025 to reach 10,000.
In addition, he disclosed that BIRAC/DBT built a robust network of 74 specialised bio-incubation centres in 21 states and UTs, including seven bio-incubators in the north-eastern region—a new cluster.
He emphasised that DBT/BIRAC should continue to foster a thriving bio-entrepreneurial environment in the northeast to improve the local bioeconomy.
Singh stated that India is among the top three biotechnology destinations in South Asia and the top 12 in the world, with a 3% share of the global biotechnology market.
India has the second-highest number of USFDA-approved manufacturing facilities outside the United States.
The minister stated that the biotechnology industry has the potential to have a multiplier effect on the country's overall economic growth.
The Secretary of the Department of Biotechnology (DBT), Rajesh Gokhale, stated that in the case of sustainable bio-fuel, the target year for 20% ethanol blending has been moved from 2025 to 2023, and this biotech subsector has doubled in size.
In 2021, the ethanol production capacity of 3.3 billion litres increased to 6.5 billion litres. According to the report, India's import costs would decrease as a result of continued growth, which would have a direct impact on the country's foreign exchange reserves and import-export imbalance in the direction of achieving its aim of a USD 10 trillion economy by 2030.
The agriculture sector employs over 60 per cent of India's population. According to the report, BT cotton, biopesticides, biostimulants, and biofertilizers contributed around USD 10.48 billion to the nation's bioeconomy in 2021.
Source: Business Standard
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