From humble beginnings, India’s bioeconomy has exploded into a multi-billion dollar force, now positioned for an even more ambitious leap to $300 billion by 2030. This incredible expansion signals India’s strategic push to lead the world in biotechnology-driven growth and innovation.
India is making big moves to become a world leader in biotechnology. The government aims for the country’s “bioeconomy” to reach a massive Rs 25 trillion (or US$ 300 billion) by 2030. This ambitious goal is part of a larger plan to make India a central hub for growth driven by biotechnology. Science & Technology Minister, Dr. Jitendra Singh, recently emphasized that everyone in India has a stake in this growing sector, urging wider public involvement.
India’s bioeconomy has already shown incredible growth. It jumped from just $10 billion in 2014 to Rs 13.8 trillion(US$ 165.7 billion) in 2024. Over the past four years alone, this sector has grown quickly, showing a strong average yearly growth rate of 17.9 %. This rapid expansion means it now contributes 4.25 % to India’s total economic output (GDP), highlighting its increasing importance to the nation.
The biotechnology sector has seen an explosion in new businesses. Just ten years ago, there were only about 50 biotech startups in India. Today, that number has soared to nearly 11,000. Minister Singh pointed out that this huge increase is due to strong government support and collaborations between different organizations.
He also stressed that for these new biotech companies to last, they need early partnerships with established industries and financial backing. As he put it, “It is easy to start a startup. What’s difficult is to keep it started.”
The Biotechnology Industry Research Assistance Council (BIRAC) has played a crucial role in helping these startups. Since it began in 2012, BIRAC has set up 95 bio-incubation centers and launched various support programs like the Biotechnology Ignition Grant (BIG), SEED, and LEAP funds. These programs have provided assistance to hundreds of startups developing solutions in areas such as healthcare, AI-powered medical tests, and digital health services.
The term “bioeconomy” refers to using natural, renewable biological resources to create essential products. This includes food, fuel, and various industrial goods. In India, this sector is being propelled forward by new discoveries in areas like creating products using biological processes (biomanufacturing), gene editing, bioenergy (energy from biological sources), and advanced farming technologies.
The National Biopharma Mission (NBM) is a major initiative helping India improve its pharmaceutical and vaccine manufacturing capabilities. This mission is supported by a US$ 250 million fund, co-financed with the World Bank. So far, it has backed 101 projects, supported 30 small and medium-sized businesses (MSMEs), and created over 1,000 jobs. This effort has been key to strengthening India’s leadership in vaccine production.
Biotechnology is also transforming farming across India. New types of crops that produce more yield and can withstand dry conditions, like SAATVIK chickpeas and specially gene-edited rice, are helping farmers grow more food. Additionally, the Biotech-KISAN program directly assists farmers in over 115 less-developed districts. In West Bengal alone, more than 37,000 farmers, many of them women, have received training in modern farming techniques. States such as Jharkhand, Chhattisgarh, and Madhya Pradesh have seen farm incomes and production increase by 40 to 100 % thanks to these biotech improvements.
India’s bioenergy sector has also seen significant achievements. The amount of ethanol mixed into petrol has jumped from 1.53 % in 2014 to 15 % in 2024. Recently, Oil Minister Hardeep Singh Puri confirmed that India met its target of 20 percent ethanol blending six years ahead of schedule. This achievement has led to substantial savings, reducing crude oil imports by 173 lakh metric tonnes and saving Rs 99,014 crore in foreign currency. It has also lowered carbon emissions and provided significant economic benefits for farmers and those involved in producing ethanol.
Dr. Singh also highlighted the new BioE3 Policy, launched in August 2024. This policy aims to connect India’s bioeconomy with goals of sustainability, fairness, and economic growth. It supports new ways of biological manufacturing, products made from biological resources, and efforts to cut carbon emissions. The policy also focuses on creating jobs in smaller cities by setting up biofoundry clusters and advanced biomanufacturing hubs. These hubs will help new companies and MSMEs turn their lab discoveries into market-ready products.
Dr. Rajesh S. Gokhale, Secretary of the Department of Biotechnology (DBT) and Chairman of BIRAC, discussed how the BioE3 Policy is being put into action. He mentioned support for pilot manufacturing, regional innovation programs, and simpler ways to move research from labs to the market. He stressed the need for stronger partnerships between universities, startups, and industries to expand India’s own biotech solutions.
You must be logged in to post a comment.
Stay ahead in the dynamic world of trade and commerce with India Business & Trade's weekly newsletter.