India's Bioeconomy to Reach $300 Bn by 2030: Minister Jitendra Singh

This policy aims to make India a global leader in the field of biotechnology and innovation, thereby contributing to the country’s economic growth and sustainable development.

Union Minister Dr Jitendra Singh has asserted that the newly unveiled Bioeconomy for Economy, Employment, and Environment (BioE3) Policy is set to position India as a global leader in biotechnology in the coming years.

This policy aims to make India a global leader in the field of biotechnology and innovation, thereby contributing to the country’s economic growth and sustainable development, a PIB press release stated.

Addressing the media after the Union Cabinet's approval of the BioE3 Policy, Singh highlighted that India is poised to become a global biotech powerhouse, spurring economic growth, innovation, employment, and environmental sustainability.

"India’s bioeconomy has seen exponential growth, from USD 10 billion in 2014 to over USD 130 billion in 2024, with projections reaching USD 300 billion by 2030," he noted.

The BioE3 Policy aligns with the 'Make in India' initiative by promoting the development of bio-based products with minimal carbon footprints.

It is strategically designed to tackle critical global challenges, including climate change and the depletion of non-renewable resources, by shifting from chemical-based industries to sustainable, bio-based models.

The initiative is expected to drive entrepreneurship and job creation across diverse sectors, including bio-based chemicals, smart proteins, precision biotherapeutics, climate-resilient agriculture, and carbon capture.

It also envisions the establishment of advanced bio-manufacturing facilities, biofoundry clusters, and Bio-AI hubs, which will serve as centralized centers for the development, production, and commercialization of bio-based products.

Highlighting the importance of biomanufacturing hubs, Minister Singh underscored their role in bridging the gap between laboratory-scale and commercial-scale production, fostering collaboration among startups, SMEs, and established manufacturers.

According to the Union Minister, these hubs will be instrumental in realizing the full potential of India's bioeconomy, driving both innovation and sustainable growth.

This policy is designed to promote innovation-driven research, development, and entrepreneurship across various thematic sectors in biotechnology.

Information and Broadcasting Minister Ashwini Vaishnaw stated that the BioE3 policy will expedite technology development and commercialization by establishing biomanufacturing hubs, bio-AI hubs, and biofoundries.

The policy outlines several strategic sectors to be prioritized, including high-value bio-based chemicals, biopolymers, enzymes, smart proteins, functional foods, precision biotherapeutics, climate-resilient agriculture, carbon capture and utilization, and marine and space research.

The overarching goal is to create a resilient biomanufacturing ecosystem that can accelerate innovative solutions for addressing national priorities, thereby advancing India's vision of a "Developed India."