Next Industrial Revolution Will Be Bioeconomy-Driven: Dr. Jitendra Singh at Global Bio India 2024 Curtain Raiser

Reflecting on the IT-driven revolution of the 1990s, he predicted that the 21st century will see significant advancements in the bioeconomy sector.

At the Curtain Raiser ceremony for the '4th edition of Global Bio India 2024' held at the National Media Centre in New Delhi, Union Minister Dr. Jitendra Singh proclaimed that the next industrial revolution will be driven by bioeconomy. Reflecting on the IT-driven revolution of the 1990s, he predicted that the 21st century will see significant advancements in the bioeconomy sector.

Dr. Singh, who serves as Union Minister of State (Independent Charge) for Science and Technology, Earth Sciences, PMO, Department of Atomic Energy, Department of Space, and Personnel, Public Grievances and Pensions, recalled Prime Minister Narendra Modi's call for ‘StartUp India Stand Up India,’ which spurred a wave of technological and scientific innovation in fields such as marine economy, space economy, and bioeconomy.

Global Bio-India 2024, set to be the largest biotech event in the country, is scheduled to take place from September 12-14, 2024, at Pragati Maidan, New Delhi. This mega international event, organized by the Department of Biotechnology and its Public Sector Unit, Biotechnology Industry Assistance Research Council (BIRAC), aims to highlight India's burgeoning biotechnology sector on the global stage.

Dr. Singh emphasized the government’s commitment to advancing the bioeconomy, noting that the interim budget highlighted bioeconomy and biofoundry—areas often neglected during election years. He stated, "Our priority is to empower the nation and its economy, irrespective of political pressures."

The Minister highlighted that India’s bioeconomy has experienced remarkable growth, expanding 13-fold from $10 billion in 2014 to over $130 billion in 2024, with projections reaching $300 billion by 2030. He noted that India has risen from 81st to 40th place in the Global Innovation Index over the past decade and ranks 3rd in the Asia-Pacific region and 12th globally in biomanufacturing.

Dr. Singh praised the Department of Biotechnology and BIRAC for their role in fostering innovation and supporting biotech enterprises. He underscored that the pandemic has highlighted biotechnology's global significance and anticipates rapid advancements in the Science, Technology, and Innovation (STI) sector. The recent passage of the Anusandhan NRF bill is expected to boost private sector investment and participation, benefiting the sector significantly.

He also mentioned the ‘Bio-Nest’ incubator, which is expected to support over 120 startups by the end of this financial year. Dr. Singh highlighted the emerging biotechnology products in the vegan category, emphasizing the sector’s potential for employment, entrepreneurship, and its impact on industries such as pharmaceuticals, food processing, agriculture, and enterprise.

In closing, Dr. Singh called for early industry linkages and urged the removal of skepticism towards private sector involvement. Dr. Rajesh Gokhale, Secretary of the Department of Biotechnology, noted that biotechnology companies have achieved a valuation of ₹75,000 crore over the past decade and emphasized the sector’s role as a sunrise industry with nearly 28,000 proposals under evaluation for scaling up.