Indian Economy News

India’s bio-economy projected to reach US$ 1 trillion by 2047: MoS Dr. Jitendra Singh

India’s bio-economy is projected to expand to Rs. 92.44 lakh crore (US$ 1 trillion) by 2047, according to Union Minister of State (Independent Charge) for Science and Technology, Dr. Jitendra Singh. The sector has demonstrated rapid growth, expanding from Rs. 60,000 crore (US$ 10 billion) in 2014 to over Rs. 13.95 lakh crore (US$ 165 billion) in recent years, reflecting a strong compound annual growth rate of nearly 18%. The Minister highlighted that biotechnology would play a pivotal role in driving India’s next phase of economic growth, positioning the country as a global innovation hub across sectors such as healthcare, agriculture and industrial biotechnology.

India’s bio-economy has already crossed significant milestones, reaching approximately Rs. 18.05 lakh crore (US$ 195.3 billion) in 2025, supported by policy initiatives, research investments and a rapidly expanding startup ecosystem with over 11,000 biotech startups. The government’s strategic focus, including the BioE3 (Biotechnology for Economy, Environment and Employment) Policy, aims to accelerate biomanufacturing, innovation and employment generation. Additionally, the sector is targeted to reach Rs. 27 lakh crore (US$ 300 billion) by 2030, reinforcing its role as a key contributor to GDP and sustainable development. The continued emphasis on research, infrastructure and private participation is expected to strengthen India’s position among the top global bio-economies by 2047.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.