India's Bioeconomy Targeting $300 Billion By 2030: Dr. Jitendra Singh

(MENAFN- IANS) New Delhi, Aug 27 (IANS) Union Minister of Science and Technology, Dr. Jitendra Singh, on Wednesday said India's bioeconomy has grown from just $10 billion in 2014 to $165.7 billion in 2024, and the country is now working towards a target of $300 billion by 2030.

The minister launched the Biotechnology for Economy, Environment and Employment (BioE3) Challenge for Youth and the country's first National Biofoundry Network here, calling it a step towards making biotechnology a driver of India's economy, environment and employment.

He said that India's biotechnology sector has made rapid strides over the past year under the BioE3 Policy, achieving several key landmarks that are shaping the country's bioeconomy.

Speaking at an event marking 'One Year of BioE3: From Policy to Action', the science and technology minister noted that the Department of Biotechnology (DBT), along with its stakeholders, has set up new institutions, launched joint research initiatives, and forged national and international partnerships in a short span of time.

Among the notable achievements, the Minister highlighted the inauguration of India's first Biomanufacturing Institute at Mohali, the establishment of Bio-Artificial Intelligence hubs, biomanufacturing hubs and biofoundries across the country, and the launch of more than a dozen joint research cells covering advanced areas such as cell and gene therapy, climate-smart agriculture, carbon capture, and functional foods.

The Minister also pointed to a memorandum of understanding signed between DBT and the Indian Space Research Organisation (ISRO) for cooperation in space biotechnology and biomanufacturing, as well as a joint working group to identify priority projects.

Earlier this year, three DBT-backed experiments were carried out on the International Space Station by Astronaut IAF Group Captain Shubhanshu Shukla.

At the state level, DBT has initiated Centre-state partnerships, including an MoU with Assam to establish a BioE3 Cell with an action plan for the state.

On the global front, India's missions in 52 countries have shared inputs on the BioE3 policy, with DBT and the Ministry of External Affairs working on follow-up actions.

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