Indian Economy News

India's bioeconomy likely to touch US$ 300 billion by 2030, says report

  • IBEF
  • July 21, 2022

According to the India BioEconomy Report 2022 by Biotechnology Industry Research Assistance Council (BIRAC), India's bioeconomy is expected to touch US$ 150 billion by 2025 and over US$ 300 billion by 2030.

The number of biotech startups in the country has increased from 50 to over 5,300 in the last 10 years because of the growing enabling ecosystem and priority to the sector provided by Prime Minister Mr. Narendra Modi, said Dr. Jitendra Singh, Minister of State (Independent Charge) Science & Technology; Minister of State (Independent Charge) Earth Sciences; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space.

74 specialised bio-incubation centres have been built by BIRAC in 21 states and UTs, including 7 in the north-eastern region.

India is among the top three in South Asia and top 12 destinations for biotechnology in the world, with approximately 3% share in the global biotechnology industry, said Dr. Singh.

According to the report, BT cotton, biopesticides, biostimulants and biofertilizers contributed to about US$ 10.48 billion in 2021 for bioeconomy of the country.

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