Union Minister of State for Science and Technology (Independent Charge) Dr. Jitendra Singh said on 22 August 2023 that by 2025 ,India's bio-economy would be $150 billion from $100 billion in 2022.
Dr Jitendra Singh was speaking, while overseeing the signing up of the ‘Implementation Arrangement’ between the Department of Biotechnology (DBT) and the United States-National Science Foundation (US-NSF) in New Delhi.
Dr Jitendra Singh said, the ‘Implementation Arrangement’ will lay the foundation for collaboration between the two countries on accelerating innovations in the area of ‘Biotechnology Innovation and Biomanufacturing’.This will advance knowledge, technologies, and innovation through supportive collaborative research to empower biotechnology industries and promote bioeconomy of both the countries, he added.
Dr Jitendra Singh said, India’s ever-growing Bio-Economy graph is going to contribute significantly to India’s Overall Economy. He said, India has a 3-5% market share in the global biotechnology industry and it ranks 12th in the world in biotech and 3rd in the Asia-pacific region.
The Minister said, India has the 3rd largest Startups ecosystem globally and is the largest vaccine manufacturer in the world.
India’s ranking in global science and technology indices continues to rise and India has been ranked 40th among the innovative economies as per Global Innovation Index, 2022.
The U.S. National Science Foundation (US-NSF) is an independent federal agency that supports science and engineering in the United States. It was established to promote the progress of science, advance the national health, prosperity and welfare, and secure national defence, through administering grants
According to the United Nations Food and Agriculture Organisation (FAO), the bioeconomy is "the production, use and conservation of biological resources, including related knowledge, science, technology, and innovation to provide information, products, processes and services to all economic sectors with the aim of moving towards a sustainable economy".
The bio economy involves using renewable biological resources sustainably to produce food, energy and industrial goods. It also exploits the untapped potential stored within millions of tons of biological waste and residual materials.
BIo-based products include bioplastics, biodegradable clothing and other products related with eco-design. Like biomass, bioenergy improves the security of energy supply, reduces energy dependence and creates new opportunities for growth and employment.