India's Bioeconomy Grows 16 Times to $165.7 Billion in a Decade: Minister
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Synopsis
India's bioeconomy has surged from $10 billion in 2014 to $165.7 billion in 2024, marking a 16-fold increase over the past decade. This growth highlights the government's commitment to biotechnology as a cornerstone of economic growth, as stated by Union Minister Dr. Jitendra Singh.
Key Takeaways
- Bioeconomy increased 16-fold in 10 years.
- Current valuation stands at $165.7 billion.
- 4.25 percent contribution to GDP.
- Launch of the BioSaarthi mentorship initiative.
- Assam is the first state to adopt the BioE3 framework.
New Delhi, March 21 (NationPress) India's bioeconomy has experienced a remarkable 16-fold increase over the past decade, soaring from $10 billion in 2014 to an astounding $165.7 billion in 2024, according to government reports released on Friday.
This significant growth underscores the government's dedication to promoting biotechnology as a crucial driver of India's future economic advancement, stated Union Minister Dr. Jitendra Singh during the BIRAC Foundation Day event in the national capital.
"In merely 10 years, India's bio-economy has surged from a humble $10 billion to $165.7 billion, exceeding our initial goal of $150 billion by 2025," Dr. Singh mentioned while referencing the ‘IBER 2025’ report.
The report indicates that the sector is contributing 4.25 percent to the overall GDP and has demonstrated a CAGR of 17.9 percent over the last four years, highlighting India’s potential as a global biotech leader.
The minister also introduced BioSaarthi, an innovative global mentorship program aimed at supporting biotech startups.
Structured as a six-month cohort, BioSaarthi will promote organized mentor-mentee interactions, providing customized guidance to budding entrepreneurs in the biotech field.
Dr. Singh emphasized that this initiative will bolster India’s biotech landscape by encouraging innovation, improving industry-academia partnerships, and positioning Indian startups for international success.
This program will involve international experts, especially from the Indian diaspora, serving as mentors who will volunteer to contribute to society.
The minister also pointed out the recently ratified BIO-E3 Policy —Biotechnology for Economy, Employment, and Environment—aimed at expediting research, innovation, and entrepreneurship within the sector.
He further announced that Assam has become the first state to implement the BioE3 framework, marking a pivotal move toward nationwide execution. India’s biotech startup landscape has expanded from merely 50 startups a decade ago to over 10,075 today.
Furthermore, India's gross expenditure on research and development (GERD) has more than doubled in the last ten years, climbing from Rs 60,196 crore in 2013-14 to Rs 1,27,381 crore in 2024.
