(MENAFN- IANS) New Delhi, Nov 10 (IANS) India's bioeconomy which rose from $10 billion to over $130 billion in about 10 years, is projected to reach $300 billion in the coming years, Union Minister Dr Jitendra Singh said on Monday.

Speaking at an event here, Dr Singh observed that India is already initiated into next industrial revolution driven by biotechnology.

The minister noted that India is one of the few countries to have an exclusive dedicated Biotechnology policy 'BiOE3'. He commended the Department of Biotechnology (DBT) for emerging as one of the most dynamic and integrated scientific ecosystems in the Government of India.

Additionally, the minister also launched BRIC–BIRAC Entrepreneur-in-Residence (EIR) Programme.

The Union Minister recalled that under the visionary leadership of Prime Minister Narendra Modi, the decision to merge 14 autonomous biotechnology institutions under a single umbrella - BRIC -- was a transformative reform that strengthened coordination, innovation, and impact across India's biotechnology sector.

The minister said that the integration of institutions under BRIC reflects the spirit of“synergized working” in Indian science.“The age of silos is over. We have moved towards collaboration across biotechnology, medical research, agriculture, and data-driven science. BRIC now partners not only with other science departments but also with IITs, medical institutions, and private industry to accelerate innovation,” he added.

Dr. Singh noted that biotechnology has become the key driver of India's growth in the Fourth Industrial Revolution.

Referring to the recently launched BioE3 Policy, he said India has positioned itself among the global frontrunners in bio-innovation.

The minister stated that when the next phase of global economic growth will be biotechnology-driven, India will not be a follower; it will be a leader.

Dr. Rajesh S Gokhale, Secretary, DBT and DG, BRIC, highlighted the achievements of BRIC institutions over the past three years - 3,190 publications, 107 patents, 13 technologies commercialized, 2,578 PhD scholars, and 678 post-doctoral fellows currently contributing to the research network.

He also noted that BRIC ranks number one in biological sciences in India, as per Nature's Pringles Index.

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