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Union Minister Jitendra Singh Predicts India's Bioeconomy Reaching $300 Bn Size by 2030

Written by : Jayati Dubey

December 6, 2023

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Highlighting India's remarkable journey in the biotechnology sector, Dr Singh noted a double-digit year-on-year growth rate in the bioeconomy over the last decade.

India's bioeconomy is set to soar to unprecedented heights, reaching $150 billion this fiscal year, with ambitious plans to double this figure by 2030, according to Union Minister Dr Jitendra Singh.

Dr Singh, overseeing Science and Technology, Atomic Energy, and Space, shared these projections during the inauguration of the 3rd edition of Global Bio-India, an international congregation focusing on biotechnology.

Highlighting India's remarkable journey in the biotechnology sector, Dr Singh noted a double-digit year-on-year growth rate in the bioeconomy over the last decade.

Emphasising the country's emergence as a biomanufacturing hub, he said, "Biotechnology startups and institutional linkages with industry will drive India's bioeconomy in the years to come."

Dr Singh added, expressing confidence in India's scientific prowess, "In 2014, India's bioeconomy stood at just about $10 billion. This fiscal year, we are likely to touch $150 billion, and we look forward to reaching $300 billion by 2030."

Dr Singh underscored the rapid expansion of the biotech startup landscape in India, noting a significant increase from a mere 55 startups in 2014 to over 6,000 startups presently. This surge reflects the dynamic and growing ecosystem fostering innovation in the biotechnology sector.

Highlighting the strategic importance of biotechnology for India's economic growth, Dr Singh emphasised the nation's wealth of bioresources, particularly its vast biodiversity and unique bioresources in the Himalayas.

He mentioned ongoing initiatives, such as the deep-sea mission, aimed at exploring biodiversity beneath the seas along India's extensive coastline.

According to Dr Singh, Biotechnology is not only a driver of economic value but also a preferred career choice for the youth. Citing a recent survey of Class 12 students in Delhi, he pointed out that biotechnology has gained prominence as a preferred stream, signifying its growing appeal as a career option.

"Biotechnology will be the key to Amrit Kaal's economy and also to making India a frontline nation in the world," Dr Singh added, highlighting the pivotal role biotechnology is expected to play in shaping India's future economic landscape. As the sector continues to evolve, India's bioeconomy is poised for sustained growth and global prominence.


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