India's bioeconomy may touch $300 billion by 2030

20 Jul 2022 , 09:33 AM

According to research released on Tuesday, India’s bio-economy would likely reach $150 billion by 2025 and $300 billion by 2030.

The Biotechnology Industry Research Assistance Council released the India BioEconomy Report 2022 based on information about the economic impact of the biotech sector (BIRAC).

According to the analysis, the nation’s bioeconomy reached over USD 80 billion in 2021, representing an increase of 14.1% over USD 70.2 billion in 2020. As perreport, India will contribute USD 80.12 billion to bioeconomy in 2021 at a daily pace of USD 219 million.

In 2021, the sector spent more than USD 1 billion on R&D, with at least three biotech businesses being established on average each day (for a total of 1,128 biotech startups). The statement said, “A tripling within a year from USD 320 million to USD 1.02 billion.”

Jitendra Singh, the minister of state for science and technology, said during the report’s launch that the country’s biotech startup count has increased from 50 to over 5,300 over the past 10 years as a result of the expanding enabling ecosystem and Prime Minister Narendra Modi’s prioritization of the sector.

In 2021, the 3.3 billion liters of ethanol that could previously be produced will be increased to 6.5 billion liters. The paper stated that with continued development, India will reduce its import expenses, thus affecting the currency reserves and the import-export imbalance in the direction of attaining the USD 10 trillion overall economy objective by 2030.

Nearly 60% of Indians work in the agriculture sector, which has significant room for development. According to the analysis, the bioeconomy of the nation benefited by around 10.48 billion USD in 2021 thanks to BT cotton, biopesticides, biostimulants, and biofertilizers.