Bioeconomy is the production, utilization and conservation of biological resources, including related knowledge, science, technology and innovation, to provide information, products, processes and services across all economic sectors.
India’s bioeconomy continues to grow from $44 billion in 2019 to $80.1 billion in 2021, Minister Singh said in a written answer to a question in the upper house on Thursday.
The Indian biotech industry is aligned around five main segments – biopharmaceuticals, bioagriculture, bioindustry, bioenergy, and the bioservices portfolio segment consisting of bioinformatics, CRO and research services. The bioeconomy is seen as a means to address societal challenges.
For example, the use of biomass or renewable resources, the use of green chemicals and materials, biofertilizers, and waste reduction in energy production may have implications for carbon footprint, food and nutrition, health, energy independence and environmental sustainability.
“It is expected that the biotech industry, research institutions and the growing biotech startup ecosystem will provide new innovative solutions,” Singh said.
Earlier this month, the bioeconomy will be key to India’s future economy over the next 25 years.
The Minister urged all stakeholders in the biotechnology sector, especially the industry, start-up ecosystem, investors, scientists, academics, entrepreneurs and enablers such as DBT, BIRAC, to work together to achieve the ambitious goals.
The number of biotech startups in the country has grown from 50 to over 5,300 in the past 10 years, thanks to a growing enabling ecosystem and priorities provided by Prime Minister Narendra Modi. He hopes the biotech startups that emerge from a strong talent pool are expected to further triple to 10,000 by 2025.
The Minister also launched a special Biotech Ignition Funding Appeal for the North East Region (BIG-NER) and announced financial support of up to Rs 50 lakh to 25 start-ups and entrepreneurs in the North East to develop biotech solutions . He said there is huge potential and talent in Northeast India to advance the biotech sector and asked the ministry to engage with them.