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NEW DELHI — While the last industrial revolution in the 1990s in India was driven by the information and technology (IT) sector, the next in the 21st century will be steered by bio-economy, said Union Minister Dr. Jitendra Singh here on Wednesday.
He was speaking at the curtain raiser ceremony of the fourth edition of Global Bio India 2024 at the National Media Centre in the national capital New Delhi.
Singh pointed out that India’s bioeconomy has grown 13-fold in the 10 years -- “from $10 billion in 2014 to over $130 billion in 2024”.
It is “projected to reach $300 billion by 2030”, Singh said, adding that “India has climbed from 81st place in 2015 to 40th out of 132 economies in the Global Innovation Index”.
The Minister of Science and Technology also highlighted that India ranks third in the Asia-Pacific region and 12th globally in terms of biomanufacturing.
Launched the 4th Global Bio India 2024, Curtain Raiser at National Media Center, New Delhi. With #Biotech companies reaching a ₹75,000 crore valuation in the past decade. #Bioeconomy is set to play a key role in
— Dr Jitendra Singh (@DrJitendraSingh) August 14, 2024
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The significant growth “is a clear indication that the time is ripe for both government and non-government sectors to collaborate in addressing the challenges facing humanity,” Singh said.
Singh further shared that the Science, Technology, and Innovation (STI) sector is expected to progress rapidly, particularly with the recent passing of the Anusandhan NRF bill.
He remarked that there will be increased investment and participation from the private sector, which, combined with knowledge and economic resources, will be highly beneficial.
He mentioned 'Bio-Nest,' an incubator for startups, which is expected to support more than 120 startups by the end of this financial year.
Further, the Minister also cited examples of new biotechnology products in the vegan category that are gaining popularity. He highlighted the significant employment and entrepreneurship potential of the biotech sector, as well as its impact on other industries such as pharmaceuticals, food processing, agriculture, and enterprise.
Singh emphasised that the government's priority is "to empower the nation and its economy, irrespective of political compulsions," the minister said.
The Global Bio-India 2024: The largest biotech event in the country will be held from September 12-14 at Pragati Maidan, New Delhi.