Union Minister Dr Jitendra Singh says, India targets 300 billion US Dollars in Bioeconomy by 2030
India
registered a sustained growth in Bioeconomy from $44 Bn US in 2019 to 80.1 Bn
in 2021: Dr Jitendra Singh
Union
Minister of State (Independent Charge) Science & Technology; Minister of
State (Independent Charge) Earth Sciences; MoS PMO, Personnel, Public
Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh said, India
has a target of 300 billion US Dollars in Bioeconomy by 2030.
In a written reply
to a question in the Rajya Sabha today, Dr Jitendra Singh said, India registered a sustained growth in Bioeconomy from $44
Bn US in 2019 to 80.1 Bn in 2021.
Bioeconomy is
the production, utilization and conservation of biological resources, including
related knowledge, science, technology, and innovation, to provide information,
products, processes and services across all economic sectors. The Indian
biotech industry is aligned around five major segments: BioPharma, BioAgriculture,
BioIndustrial, BioEenergy and combined segment of BioServices comprising of
BioIT, CROs, and Research Services.
Bioeconomy is
seen as a means to address societal challenges. For example, use of bio-mass or
renewable resources in energy production processes, use of green chemicals and
materials; biofertilizers, waste reduction etc. may impact and have cascading
effect on carbon footprint, food and nutrition, health, energy independence,
and environmental sustainability. New Innovative solutions are expected from
Biotech Industry, Research Institutes and growing Biotech Startup ecosystem.