India's bioeconomy reaches valuation of $151 bn, says report

PTI, New Delhi: India's bioeconomy has experienced significant growth, reaching a valuation of USD 151 billion by the end of 2023, according to a new report, which said that the surge highlights the bioeconomy's critical role in national development, contributing 4.25% to the country's GDP and positioning India among the top five global bioeconomies. The report, prepared by the Biotechnology Industry Research Assistance Council (BIRAC) and the Association of Biotechnology Led Enterprises (ABLE), outlines transformative advances across biotechnology, agricultural innovation, healthcare, and biomanufacturing, driving the sector's expansion. It was released during a session at the Global Bio-India Summit 2024. The report said that India's bioeconomy has experienced significant growth, reaching a valuation of $151 billion by the end of 2023.

"This surge highlights the bioeconomy's critical role in national development, contributing 4.25% to the country's GDP and positioning India among the top five global bioeconomies," it said.One of the major drivers of this growth has been the BioE3 (Biotechnology for Economy, Environment, and Employment) Policy, the report said, noting that the policy focuses on bio-based chemicals, precision biotherapeutics, climate- resilient agriculture, and advanced research in marine and space technologies. Rajesh S Gokhale, Secretary DBT, Chairman BIRAC & DG-BRIC said the India bioeconomy report 2024, launched at the 4th edition of Global Bio India, marks a pivotal moment in India's journey to becoming a global leader in biotechnology.

"The report underscores India's bioeconomy growth from $10 billion in 2014 to $151 billion by 2023, driven by rising demand for vaccines and biopharmaceuticals. With the new BioE3 Policy, we are poised to accelerate this momentum, aiming to reach $300 billion by 2030. This report sets the foundation for India's biorevolution and highlights our path towards global leadership in biotechnology," Gokhale told PTI.