New Delhi: Union Minister of State (Independent Charge) Science & Technology; Minister of State (Independent Charge) Earth Sciences Dr Jitendra Singh has said that India has a target of $ 300 billion in bio-economy by 2030. In a written reply to a question in the Rajya Sabha on Thursday, he said that India registered a sustained growth in bio-economy from $ 44 billion in 2019 to $ 80.1 billion in 2021.
Bio-economy 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, Bio-energy and combined segment of BioServices comprising BioIT, CROs, and Research Services.
Bio-economy is seen as a means to address societal challenges. For example, use of biomass for renewable resources in energy production processes, use of green chemicals and materials; bio-fertilizers, waste reduction etc. may impact and have a cascading effect on carbon footprint, food and nutrition, health, energy independence, and environmental sustainability. New Innovative solutions are expected from the Biotech Industry, Research Institutes and growing Biotech Startup ecosystem. / BI/
