India's Bioeconomy Surges to USD 151 Billion with Future Growth Prospects

India's bioeconomy has reached USD 151 billion in 2023, contributing significantly to the country's GDP. Driven by advancements in biotechnology, biomanufacturing, and agricultural innovation, the sector aims for USD 300 billion by 2030. Key policies, like BioE3, and rising demand for vaccines and biofuels have been pivotal in this growth.

India's bioeconomy has reached an impressive valuation of USD 151 billion by the end of 2023, underscoring its crucial role in the nation's development. The sector now contributes 4.25 per cent to the country's GDP, according to the latest report by BIRAC and ABLE.

The report was unveiled during the Global Bio-India Summit 2024, highlighting transformative strides in biotechnology, agricultural innovation, healthcare, and biomanufacturing. This growth has been bolstered by the BioE3 Policy focusing on bio-based chemicals and precision biotherapeutics.

The Bioindustrial sector leads with a USD 72.6 billion contribution, followed by biopharma and bioagri sectors. India's rising vaccine production capability and the Ethanol Blended Petrol (EBP) programme have been central to this progress. The report projects the bioeconomy to hit USD 300 billion by 2030, fueling job creation and sustainable development.

(With inputs from agencies.)