India BioEconomy Report
The India BioEconomy Report was released recently by the Department of Biotechnology. It revealed that, in 2024, bioeconomy was valued at over $165 billion, contributing more than 4.2% to the national GDP. The Department of Biotechnology anticipates growth to $300 billion by 2030 and $1 trillion by 2047. What is Bioeconomy? Bioeconomy refers to the economic activities that utilise biological resources. This includes plants, animals, and microorganisms. It also encompasses the replication of natural processes for producing goods and services. The focus is on sustainability and renewable resources. Current State of the Bioeconomy India’s bioeconomy has nearly doubled in five years. It grew from approximately $86 billion in 2020 to $165 billion in 2024. The number of bioeconomy companies surged by 90%, reaching over 10,000. By 2030, this number is expected to double, potentially creating 35 million jobs. Sector Contributions The industrial sector is the largest contributor, generati...