India's Bio-E3 Policy Aims to Transform Bio-Economy

India's Bio-E3 policy, launched to position the country as a global bio-economy leader, aims to revolutionize the biotechnology sector, similar to the IT revolution in the West. The policy focuses on efficient use of biological resources to drive innovation, sustainable growth, and economic development, particularly in tier-two and tier-three cities.

The government's Bio-E3 policy marks a pivotal step in establishing India as a global bio-economy leader, Union Minister Jitendra Singh declared on Thursday. Officially launched last month, the Bio-E3 policy aims for the sustainable and efficient utilization of biological resources to spur innovation and bio-manufacturing, comparable to the IT revolution in the West.

At the Global Bio-India Summit 2024, Singh emphasized the policy's potential to transform the nation's bio-pharma, bio-energy, and bio-industrial sectors. The Bio-E3 policy prioritizes biotechnology for economic development, employment, and environmental conservation, specifically focusing on bio-based chemicals, climate-resilient agriculture, and carbon capture.

Singh highlighted the creation of biotech hubs across India, designed to bridge the gap between research and commercial manufacturing. These hubs are projected to generate employment, particularly in smaller cities and towns, and drive regional economic development, ultimately contributing to India's green transition and the global fight against climate change.

According to Singh, the biotech industry has grown from $10 billion in 2014 to $100 billion in 2020, with a projection to reach $300 billion by 2030. The minister credited Prime Minister Narendra Modi's government for fostering a supportive environment for biotech innovation.

The Global Bio-India summit was praised as a vital networking platform that unites start-ups, SMEs, large industries, research institutions, and international bodies. This collaborative effort is essential in showcasing India's biotech potential and driving the sector forward.

India's dominance in vaccine manufacturing, holding 60% of the global market share, was also underscored, along with the nation being the second-largest hub for FDA-approved manufacturing plants outside the U.S.

Dr. Rajesh S Gokhale and Dr. N Kalaiselvi expressed optimism about the future of India's biotechnology sector, highlighting its role in addressing global challenges and advancing the bio-economy.

(With inputs from agencies.)