India’s bio-economy projected to reach $300 billion by 2030: Jitendra Singh
Union Minister Jitendra Singh highlighted India’s bio-economy growth from $10 billion in 2014 to over $130 billion in 2024, projected to reach $300 billion by 2030. He emphasized India’s global leadership in biotechnology, citing innovations like the HPV vaccine, Nafithromycin, and advancements in gene therapy, alongside ongoing initiatives like the Quantum Mission and the National Research Foundation.
Union Minister Jitendra Singh on Tuesday said India’s bio-economy has skyrocketed from $10 billion in 2014 to over $130 billion in 2024, with projections to reach 300 billion by 2030.
“India is not only a leader in biotechnology, but is now at the center of a global biotech boom, which will foster innovation, create jobs, and strengthen environmental commitments,” the minister said while speaking to Doordarshan.
Singh also underscored the fact that India currently accounts for 60 per cent of global vaccine production and was home to the second-largest number of US Food and Drug Administration (USFDA)-approved manufacturing plants outside the US.
“With growing investment opportunities across sectors such as bio-pharma, bio-agri, bio-industrial, bio-energy, bio-services, and med-tech, India is emerging as a global leader in biotechnology,” he said.
Singh further compared the ongoing “bio-revolution” in India to the IT revolution driven by the West, highlighting that the country’s rich natural and biodiversity resources are key to its biotechnology success.
“In 2024, India’s biotechnology sector has also seen notable achievements, such as the development of the world’s first HPV vaccine and the breakthrough creation of the indigenous antibiotic ‘Nafithromycin,’ which has proven effective in treating respiratory diseases. Furthermore, the Department of Biotechnology has successfully developed a gene therapy experiment for Haemophilia,” Singh said.
He highlighted ongoing initiatives such as the deep sea mission and the Anusandhan National Research Foundation (NRF), which was passed in 2024 are set to foster innovation with a 60 percent contribution from the private sector.
“In the past, India would often take cues from other countries in terms of technology and innovation. Today, times have changed. Other countries are now looking to India for guidance and inspiration. India is proud to be leading the way, particularly in areas such as quantum technology, where the country is making significant strides with the Quantum Mission,” Singh said.
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Source : The Tribune
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