+

Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

Close
HomeQuizzoneWhatsappShare Flash Reads
 

India's bioeconomy reaches valuation of $151 billion, contributes 4.25% to GDP: Report

Sep 13, 2024, 14:12 IST
PTI
Represntational imageiStock
India's bioeconomy has experienced significant growth, reaching a valuation of USD 151 billion by the end of 2023, according to a new report, which said that the surge highlights the bioeconomy's critical role in national development, contributing 4.25 per cent to the country's GDP and positioning India among the top five global bioeconomies. The report, prepared by the Biotechnology Industry Research Assistance Council (BIRAC) and the Association of Biotechnology Led Enterprises (ABLE), outlines transformative advances across biotechnology, agricultural innovation, healthcare, and biomanufacturing, driving the sector's expansion.
Advertisement

It was released during a session at the Global Bio-India Summit 2024.

The report said that India's bioeconomy has experienced significant growth, reaching a valuation of USD 151 billion by the end of 2023.

"This surge highlights the bioeconomy's critical role in national development, contributing 4.25 per cent to the country's GDP and positioning India among the top five global bioeconomies," it said.

One of the major drivers of this growth has been the BioE3 (Biotechnology for Economy, Environment, and Employment) Policy, the report said, noting that the policy focuses on bio-based chemicals, precision biotherapeutics, climate-resilient agriculture, and advanced research in marine and space technologies.

Advertisement

Rajesh S Gokhale, Secretary DBT, Chairman BIRAC & DG-BRIC said the India bioeconomy report 2024, launched at the 4th edition of Global Bio India, marks a pivotal moment in India's journey to becoming a global leader in biotechnology.

"The report underscores India's bioeconomy growth from USD 10 billion in 2014 to USD 151 billion by 2023, driven by rising demand for vaccines and biopharmaceuticals. With the new BioE3 Policy, we are poised to accelerate this momentum, aiming to reach USD 300 billion by 2030. This report sets the foundation for India's bio-revolution and highlights our path towards global leadership in biotechnology," Gokhale told PTI.

The report also emphasises the use of Artificial Intelligence (AI) in biomanufacturing, with plans to create biomanufacturing and Bio-AI hubs.

These efforts are expected to create new employment opportunities, particularly in tier-II and tier-III cities, while supporting the integration of biotechnology across various industries, the report said.

The Bioindustrial sector remains the largest contributor to India's bioeconomy, accounting for USD 72.6 billion or 48.09 per cent of the total market, the report said.

Advertisement
This sector includes biofuels, bioplastics, and enzymatic applications in industries such as textiles and detergents. Biofuels, in particular, have seen a sharp rise, with ethanol production capacity increasing to 13.8 billion litres in 2023, making India the world's third-largest producer of ethanol.

The Ethanol Blended Petrol (EBP) programme, which promotes domestic ethanol production, has been central to reducing India's dependency on imported fuels and enhancing energy security, the report added.

The biopharma sector also saw impressive growth, contributing USD 53.8 billion or 35.65 per cent to the bioeconomy.

India's vaccine manufacturing capacity continues to be a global leader, with companies like Serum Institute of India (SII) producing over 3 billion doses annually. Major breakthroughs, such as the R21/Matrix-M malaria vaccine and India's first quadrivalent Human Papillomavirus (HPV) vaccine, have highlighted India's prowess in vaccine production.

The diagnostics and medical devices segment, which grew to USD 19.4 billion, has also played a crucial role in addressing healthcare challenges, particularly through advancements in early disease detection and personalized medicine, the report said.

Advertisement
In the bioagri sector, which accounted for USD 12.44 billion (8.24 per cent), agricultural biotechnology continues to drive innovations in sustainable farming practices. Precision agriculture technologies, such as genetically modified crops and bio-based products like biopesticides, are being increasingly adopted to enhance agricultural productivity.

"Bt cotton remains a key example of how biotechnology is improving crop resilience and yields, contributing to sustainable agriculture growth in India," the report said.

India's bioservices sector, valued at USD 12.1 billion (8.02 per cent), has emerged as a critical support system for the bioeconomy, providing contract research, clinical trials, and biotech software services, the report said.

"This segment grew by 30 per cent in 2023, reflecting India's expanding role as a global hub for research and development. The sector's growth is expected to continue, with increasing demand for outsourced research and specialised bioservices that help accelerate product commercialisation," the report added.

Looking ahead, the report said India's bioeconomy is expected to continue its robust expansion, targeting a valuation of USD 300 billion by 2030.

Advertisement
"This growth will be driven by advancements in sectors like bioindustrial, biopharma, and bioagri, along with strategic government policies such as the BioE3 initiative. The bioeconomy is also projected to support over 35,000 startups and create 35 million jobs by the end of the decade, underscoring its potential as a key driver of India's sustainable development and economic growth," it said.

SEE ALSO:

Western Carriers IPO – Price band to risk factors, all you need to know

PN Gadgil Jewellers IPO allotment – How to check allotment, IPO GMP, listing date and more

iPhone 16 Pro is already cheaper than the iPhone 15 Pro in India, but you can get it for up to ₹30,000 cheaper
You are subscribed to notifications!
Looks like you've blocked notifications!
Next Article