India's Bioeconomy Surges to USD 151 Billion: A Catalyst for Sustainable Growth

India's bioeconomy has reached USD 151 billion by the end of 2023, significantly contributing to national development. The growth stems from advancements in biotechnology, healthcare, and agriculture, with crucial support from the BioE3 policy. By 2030, the sector aims for a valuation of USD 300 billion, driving sustainable development and economic growth.

India's bioeconomy has soared to an impressive USD 151 billion valuation by 2023, solidifying its role in national development. This surge, as highlighted by a new report from BIRAC and ABLE, now accounts for 4.25% of India's GDP, placing the country among the top five global bioeconomies.

The report, launched at the Global Bio-India Summit 2024, attributes this growth to advancements in biotechnology, healthcare, and agriculture, largely driven by the BioE3 policy. The policy focuses on bio-based chemicals, precision biotherapeutics, climate-resilient agriculture, and advanced research, including AI in biomanufacturing.

The bioindustrial sector leads with a $72.6 billion contribution. Biopharma, boasting significant vaccine production, follows closely. With projections to hit $300 billion by 2030, the bioeconomy is poised to be a pivotal driver in sustainable development and economic growth.

(With inputs from agencies.)