India’s bio economy has grown 13-fold in the last decade and is set to grow more than double its present size by 2030, said Jitendra Singh, the Minister for Science and Technology, while briefing the media about the recent Union Cabinet‘s decision to launch the ambitious Biotechnology for Economy, Employment, and Environment Policy (BioE3).
“India’s bio economy has experienced remarkable growth, skyrocketing from $10 billion in 2014 to over $130 billion in 2024, with projections to reach $300 billion by 2030,” he stated.
This surge reflects India’s robust economic growth. Moreover, the recent policy will reignite growth spirits and position India as a potential leader in the 4th industrial revolution.
Accelerating industrial growth
The BioE3 policy aims to accelerate industrial growth and make substantial contributions to the ‘Make in India’ initiative. Hence, it aims to foster the development of bio-based products with minimal carbon footprints in the country.
India’s BioE3 policy seeks to address critical global challenges such as climate change and depleting non-renewable resources by:
- Facilitating the shift from chemical-based industries to sustainable bio-based models
- Promoting a circular bio economy
- Achieving net-zero carbon emissions through innovative waste utilization from biomass, landfills, and greenhouse gases.
- Encouraging the development of bio-based products and expanding job creation.
The policy encourages entrepreneurship across diverse sectors, including bio-based chemicals, smart proteins, precision biotherapeutics, climate-resilient agriculture, and carbon capture. It establishes cutting-edge biomanufacturing facilities, bio-foundry clusters, and bio-AI hubs, Singh added.
To achieve its national target of net-zero carbon emissions by 2070, India needs $10-15 trillion in new investment. Therefore, it introduced the BioE3 policy to further contribute towards this objective and bolster India’s bio economy further.
Last year, India issued its first sovereign green bonds to advance its net-zero goals. These bonds raised $981.31 million, according to the exchange rate during that time.
Advancing biomanufacturing capabilities
Singh highlighted that biomanufacturing hubs will serve as central facilities crucial for the production, development and commercialization of bio-based products.
He added: “These hubs will bridge the gap between laboratory-scale and commercial-scale manufacturing, fostering collaboration among startups, SMEs, and established manufacturers.”
These hubs will play a vital role in the large-scale production of products like mRNA vaccines and proteins. He expressed confidence that bio-AI hubs will drive innovation by integrating AI to analyze large-scale biological data, paving the way for new gene therapies and food processing solutions.
Read: Germany commits $3.89 billion to nature-based solutions for climate, biodiversity
Job creation
Singh added that the BioE3 policy will generate substantial job opportunities across India, particularly in tier-II and tier-III cities, where biomanufacturing hubs will be located. “These hubs will leverage local biomass sources, thereby enhancing economic development in these regions,” he added.
By investing in the country’s economy, environment and employment, the BioE3 Policy supports India’s vision of a ‘Viksit Bharat’ (Developed India), setting a benchmark for how effective science policies can drive national development and sustainability.
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