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India’s bioeconomy likely to reach $300 billion by 2030

By 2025 and 2030, India’s bioeconomy is predicted to reach $150 billion and $300 billion, respectively. The Biotechnology Industry Research Assistance Council (BIRAC) released the India BioEconomy Report 2022 based on information about the economic contribution of the biotech sector. According to the analysis, the nation’s bioeconomy reached over USD 80 billion in 2021, representing an increase of 14.1% over USD 70.2 billion in 2020. It claimed that India would add USD 80.12 billion in bioeconomy in 2021, producing USD 219 million daily.

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KEY POINTS:

  • In 2021, the industry spent more over USD 1 billion on R&D, with at least three biotech businesses being established on average each day (for a total of 1,128 biotech startups). The statement said, “A tripling within a year from USD 320 million to USD 1.02 billion.”
  • According to the report, India provided 1.45 billion doses of Covid-19 vaccine in 2021, or about 4 million doses every day. The country also performed 1.3 million Covid-19 tests daily (total of 506.7 million tests).
  • Jitendra Singh, the minister of state for science and technology, said during the report’s launch that the country’s biotech startup count has increased from 50 to over 5,300 over the past 10 years as a result of the expanding enabling ecosystem and Prime Minister Narendra Modi‘s prioritisation of the sector.
  • He believed that by 2025, the number of biotech firms resulting from a robust talent pool would have increased by two times.
  • In 2021, the 3.3 billion litres of ethanol that could previously be produced will be doubled to 6.5 billion litres. The paper stated that with continued growth, India would reduce its import expenses, thus affecting the currency reserves and the import-export imbalance in the direction of achieving the USD 10 trillion overall economy target by 2030.

Nearly 60% of Indians work in the agriculture sector, which has significant room for improvement. The bioeconomy of the nation benefited from BT cotton, biopesticides, biostimulants, and biofertilizers to the tune of approximately USD 10.48 billion in 2021.

Important Takeaways For All Competitive Exams:

  • Minister of state for science and technology: Jitendra Singh
  • Secretary, DBT: Rajesh Gokhale

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