India’s Bioeconomy Projected To Reach USD 300 Bn By 2030

ENA Economy 2024-10-14 17:19:27 New Delhi, Oct 14 (KNN) India's bioeconomy has experienced significant growth, reaching over USD 150 billion in 2023, with projections indicating it could double to USD 300 billion by 2030, according to recent government statements. This development was highlighted during the inauguration of India's first demonstration facility for biopolymers in Pune, a milestone event in the country's sustainable technology sector. Union Minister Jitendra Singh, who presided over the inauguration, emphasised the facility's role in developing indigenous technology for Polylactic Acid (PLA) bioplastic production. He described the initiative as a crucial step in India's commitment to sustainable solutions and its efforts to transition from fossil-based plastics to environmentally friendly alternatives. The minister noted India's rising global position in biotechnology, ranking 12th worldwide and 3rd in the Asia-Pacific region. He underscored India's status as the largest vaccine manufacturer and its position as the third-largest start-up ecosystem globally. The country's biotech landscape has seen remarkable expansion, with the number of bio-incubators reaching 95 and biotech start-ups growing from approximately 50 in 2014 to over 8,500 in 2023. Singh stressed the importance of biotech start-ups for India's future economy, stating that these endeavours place India at the forefront of the global bioplastics movement. He highlighted how biotechnology can contribute to a cleaner, more sustainable future on a global scale. The minister also pointed out India's increasing attractiveness as a global destination, attributing this to Prime Minister Narendra Modi's vision of an Atmanirbhar India. He emphasised the crucial role of partnerships between industry, academia, and government in translating innovative ideas into practical solutions and fostering research and development. The new facility in Pune was described by Singh as symbolic of a new chapter in India's bioeconomy, showcasing the country's capability to lead in technological innovation while offering sustainable pathways to reduce environmental impact. In conclusion, the minister referenced the government's 'BioE3 Policy' as a significant step towards sustainable growth, particularly in the context of climate change, depleting non-renewable resources, and the need for sustainable waste management practices. (KNN Bureau) 39590 https://knnindia.co.in/news/newsdetails/economy/indias-bioeconomy-projected-to-reach-usd-300-bn-by-2030 2024-10-14 17:19:27 knnindia.co.in India’s Bioeconomy Projected To Reach USD 300 Bn By 2030