Report brought out by Department of Biotechnology and BIRAC captures phenomenal progress made by Indian Bioeconomy Sector.
- Bioeconomy is knowledge-based production and use of biological resources to provide products, processes and services within frame of a sustainable economic system.
Key Findings:
- India’s BioEconomy reached $151 billion (2023) accounting for 4.25% of India’s GDP & employing over 3.3 million people.
- Expected to reach $300 billion by 2030.
- Key Sub Sector Contributing to India’s BioEconomy
- BioIndustrial (~48% ): Comprises biofuels, chemicals, bioplastics, etc,
- BioAgri (~8%):E.g. Genetically modified crops like Bt Cotton.
- BioPharma (~36%): Focuses on pharmaceuticals, medical devices, diagnostics, etc.
- BioIT/Research Services (~8%): Includes contract research, clinical trials, bioinformatics, etc.
- Major achievements Made:
- Leading Global Vaccine Manufacturer: India supplied 25% of WHO purchased vaccines and 20% of exports were to Africa.
- Boost to Energy Independence: India is world’s third-largest producer and consumer of ethanol.
- Breakthroughs in Precision Healthcare: E.g. approval of country’s first gene therapy clinical trial for Hemophilia A
- Rapid growth in Biotech Startups: Between 2021 and 2023, number of biotech startups surged to approx 8,500 (59% increase).
Government Initiatives to boost BioEconomy
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