With a greater push towards biofuel and green energy, the Bio-economy in India is growing fast. In 2021 after two consecutive waves of the deadly Covid 19 pandemic, India generated worth US$ 219 Million in Bio-economy. The continuous innovation through Biotech startups has fueled this growth engine along with the supportive policy framework of the Government of India for the realization of the vision of a Clean and Green India.
The last 8 years have seen more than 100% startup growth in the sector with a rise of number from 52 in 2014 to 5300 in 2022. This growth has led to more investment that pushed to US$ 1 billion spending on Research & Development of India’s bio-industry to support further growth. In 2022 total investment worth Rs 4200 crore has been made which has created more than 25000 skilled jobs in the Indian employment market. Through the sector
As per the data of India’s Bioeconomy Report 2022, India’s bio-economy is going to cross the mark of US$ 300 billion by 2030. It will generate cascading growth impact on other sunrise sectors of the Indian economy such as Agriculture, Healthcare, Clean Energy, Environment, etc to name a few.
Bioeconomy deals in the biological resources with the capacity of production, utilization as well as conservation. It has various key segments like Bio agriculture, Biopharma, Bio-industrial, Bioenergy, etc. The Covid pandemic has also added a new segment in the bio-economy with the development of indigenous Covid vaccines, Covid Testing Kits, etc.
The use of biomass to cater to the clean energy needs of everyday increasing transportation needs, promotion of biofertilizers, raising awareness of the general public towards waste-to-wealth, and circular economy has pushed the growth of this industry into a carbon-neutral sustainable path.
The Ethanol Blending Programme in India has set the right momentum for the growth of India’s bio-economy. The Bio industrial segment has received unprecedented growth with the launch of the ‘Atmanirbhar Bharat’ initiative to make India self-reliant across the sectors along with developing India’s energy independence by 2047. The targets are ambitious but keeping the vision of sustainable development in mind, the growth of the bio-economy in India has still more to be unearthed and project India as the most advanced bio-economy of the world over time.