This article elaborates on the concept of Bioeconomy, its growth, and potential in India, as highlighted in the India’s Bioeconomy Report 2022 recently released by the Biotechnology Industry Research Assistance Council (BIRAC). Furthermore, it explains the steps taken by the Indian government to promote bioeconomy, including the launch of a special Biotech Ignition Grant call for North East Region (BIG-NER) that provides financial assistance to startups and entrepreneurs who contribute to developing biotech solutions.
Highlights of the Bioeconomy Report 2022
According to the report, India’s bioeconomy is projected to reach an estimated USD 150 billion by 2025 and possibly over USD 300 billion by 2030. In 2021, the country’s bioeconomy already exceeded USD 80 billion, indicating a 14.1 percent increase from USD 70.2 billion in 2020. The report also reveals that a minimum of three biotech startups were established daily in 2021, totaling 1,128 such ventures for the whole year. The industry witnessed a major breakthrough by crossing USD 1 billion in research and development expenditure.
India’s Stand in Global Bioeconomy
On a global scale, India ranks second in terms of the highest number of USFDA-approved manufacturing plants outside the US. The country administered nearly four million doses of Covid-19 vaccines per day, with a total of 1.45 billion doses given in 2021.
Understanding Bioeconomy
As defined by the United Nations Food and Agriculture Organization (FAO), bioeconomy refers to the production, utilization, and preservation of biological resources, along with related knowledge, science, and technology. This is aimed at providing information, products, processes, and services to all economic sectors while striving towards a sustainable economy. The term gained popularity in the first decade of the 21st century following its endorsement by the European Union (EU) and the Organisation for Economic Co-operation and Development (OECD).
Exploring Circular Bioeconomy
Bioeconomy is designed to drive sustainable development and circularity – the principles of reuse, repair, and recycle are fundamental here. It helps reduce waste and its impact through the practices of reuse, repair, and recycling, thereby saving energy and minimizing air and water pollution.
India’s Progress in Bioeconomy
Various sectors contribute to the growth of India’s Bioeconomy sector, like the bio-industry and bio-agri. For example, the Indian Government approved amendments to the National Policy on Biofuels to increase biofuel production. Further, sectors like bio-agri have the potential to nearly double their Bioeconomy contribution from USD10.5 billion to USD 20 billion in 2025.
Indian Initiatives toward Bioeconomy
India has initiated several programs to boost bioeconomy, including the National Biopharma Mission, ‘Innovate India’ 2017, a Department of Biotechnology (DBT) programme worth US$ 250 million that aims at promoting entrepreneurship. To promote startups, the government established 35 Bio incubators across India with world-class facilities. It also launched the ‘National Mission on Bioeconomy’ to use bio-resources to stimulate rural economy.
