Union Minister Jitendra Singh, ET HealthWorld

New Delhi: India’s bioeconomy touched $150 billion this fiscal and we look forward to having $300 billion by 2030, Union Minister Jitendra Singh, overseeing Science and Technology, Atomic Energy and Space, shared these projections while inaugurating the 3rd edition of Global Bio-India, mega international congregation on biotechnology in New Delhi.

“India’s bioeconomy witnessed a double-digit growth rate year-on-year in the last nine to ten years. The world is looking up to India as an emerging biomanufacturing hub. Biotechnology startups and institutional linkages with industry will drive India’s bioeconomy in the years to come,” he said.

Expressing confidence in India’s scientific expertise, Dr Singh said,”In 2014, India’s bioeconomy stood at just about $10 Billion, this fiscal we are likely to touch $150 billion and we look forward to having $300 billion by 2030.”

Mentioned that India has made rapid strides in the last eight to nine years he pointed out that from just 55 (Biotech) startups in 2014, now we have more than 6,000 startups.

Informing that biotechnology will provide the “future value addition” to India’s economy in the years to come, Dr Singh said, “India has a huge wealth of bioresources, an unsaturated resource waiting to be harnessed and an advantage in biotechnology especially due to the vast biodiversity and the unique bioresources in the Himalayas. Then there is the 7,500 kms long coastline and under the deep sea mission, we are going to dig the biodiversity beneath the seas.”

He also added that biotechnology has emerged as a trending career option among the youth. In a recent survey of Class 12 students in Delhi, it was found that biotechnology was ranked as the preferred stream whereas earlier it didn’t figure anywhere as a career option.

“Biotechnology will be the key to Amrit Kaal’s economy and also to making India a frontline nation in the world,” he added.

  • Published On Dec 4, 2023 at 07:39 PM IST

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