India on track to become one of top 5 Global Bio-manufacturing hub by 2025: Union Minister Jitendra Singh

Nov 05,2023

New Delhi: Union Minister for Science and Technology Jitendra Singh has expressed confidence that India is on the path to becoming one of the top 5 global bio-manufacturing hubs by 2025.

According to a press release by the Ministry of Science and Technology, emphasising the remarkable growth of India's bioeconomy in recent years, Singh outlined the nation's potential to play a crucial role in global trade and the bio-economy, contributing significantly to the Indian economy.

Singh made these comments during the launch of the website for "Global Bio-India 2023," a major international event focused on biotechnology, scheduled to be held at Pragati Maidan from December 4 to December 6.

Singh said, "In 2014, India's bioeconomy stood at just about USD 10 billion; today, it is USD 80 billion. In just 8/9 years, it has gone up 8 times and we look forward to having USD 300 billion by 2030".

Under the leadership of Prime Minister Narendra Modi, India's bioeconomy has witnessed double-digit year-on-year growth for the past nine years.

In 2014, the bioeconomy was valued at approximately USD 10 billion, and today it stands at USD 80 billion. Singh further outlined the ambitious target of reaching USD 300 billion by 2030.

India's vast biodiversity, unique bioresources in the Himalayas, and 7,500-kilometer coastline provide a competitive advantage in biotechnology. Additionally, initiatives like Samudrayaan, exploring biodiversity beneath the seas, showcase India's dedication to harnessing untapped bioresources.

Singh highlighted the substantial growth of biotechnology startups in India, which has surged from just 52 startups in 2014 to over 6,300 at present.

"Biotech Startups have grown 100 times in the last 8 years, from 52 odd startups in 2014 to 6,300 plus presently. Every day, threeBiotech Start-Ups are getting incorporated in India with aspirations to provide viable technological solutions," he said.

He noted that three biotech startups are incorporated in India every day, indicating a strong drive to provide innovative technological solutions.

Source: Pharma