India to achieve $150 billion bio-economy by 2025: Jitendra Singh
New Delhi: India is on track to achieve a $150 billion bio-economy by 2025, up from over $100 billion in 2022, Union minister Jitendra Singh announced on Tuesday. Highlighting the significance of the nation's growing biotech sector, Singh noted India's position as 12th in the global biotech industry and third in the Asia-Pacific region.
With a 3-5% share in the worldwide biotechnology market, India's influence continues to grow, boosted by the country's status as the third-largest startup ecosystem globally and the top vaccine producer. The minister was speaking, while overseeing the signing up of the ‘Implementation Arrangement’ between the Department of Biotechnology (DBT) and the United States-National Science Foundation (US-NSF) in New Delhi.
The minister underlined the country's ascent in science and tech standings, highlighting its 40th place ranking on the 2022 Global Innovation Index. Singh credited initiatives such as Make-in-India and Atma Nirbhar Bharat for establishing a robust foundation in biotechnology research, innovation, and manufacturing spanning multiple sectors.
Touching upon global challenges like climate change and resource mismanagement, Singh emphasized the necessity for future-focused research and innovation. He also drew attention to DBT's initiative on "Fostering High Performance Biomanufacturing," aiming for a sustainable India.
This aligns with the 'Lifestyle for the Environment (LIFE)' initiative, spearheaded by the prime minister, advocating for environmentally-friendly solutions to meet climate objectives. Singh asserted that the recent 'Implementation Arrangement' between DBT and US-NSF will bolster bilateral collaboration in biotechnology innovation and biomanufacturing, seeking to
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