Business

India’s Bioeconomy Reaches USD 151 Billion, Contributing 4.25% to GDP: Report

• By Newsdesk
• New Delhi
• Sep 13, 2024

Business

India’s bioeconomy has seen remarkable growth, reaching a valuation of USD 151 billion by the end of 2023, according to a report by the Biotechnology Industry Research Assistance Council (BIRAC) and the Association of Biotechnology Led Enterprises (ABLE). The report highlights the bioeconomy’s vital role in national development, contributing 4.25% to India’s GDP and positioning the country among the top five global bioeconomies.

Released at the Global Bio-India Summit 2024, the report attributes this growth to key initiatives like the BioE3 (Biotechnology for Economy, Environment, and Employment) Policy. This policy emphasizes bio-based chemicals, precision biotherapeutics, and climate-resilient agriculture, among other innovations. According to Rajesh S. Gokhale, Secretary DBT and Chairman BIRAC, India’s bioeconomy has grown from USD 10 billion in 2014 to USD 151 billion in 2023, fueled by demand for vaccines and biopharmaceuticals. The BioE3 Policy aims to further accelerate this growth, targeting a valuation of USD 300 billion by 2030.

The report also highlights the increasing integration of Artificial Intelligence (AI) in biomanufacturing, with plans for Bio-AI hubs to enhance efficiency and create new employment opportunities, particularly in tier-II and tier-III cities. The bioindustrial sector, which includes biofuels, bioplastics, and enzymatic applications, contributed USD 72.6 billion (48.09%) to the bioeconomy, with India becoming the world’s third-largest ethanol producer through initiatives like the Ethanol Blended Petrol (EBP) program.

India’s biopharma sector also showed strong growth, contributing USD 53.8 billion (35.65%) to the bioeconomy. Vaccine manufacturing remains a key strength, with the Serum Institute of India producing over 3 billion doses annually. Breakthroughs such as the R21/Matrix-M malaria vaccine and India’s first quadrivalent HPV vaccine underscore the country’s leadership in the sector.

Additionally, the bioagri sector contributed USD 12.44 billion (8.24%), driven by innovations in sustainable farming and biotechnology. Meanwhile, the bioservices sector, valued at USD 12.1 billion, grew by 30% in 2023, positioning India as a global hub for research, clinical trials, and biotech software services.

Looking ahead, the report projects India’s bioeconomy to reach USD 300 billion by 2030, driven by advancements in key sectors and strategic policies. The bioeconomy is also expected to support 35,000 startups and generate 35 million jobs by the end of the decade, highlighting its potential as a key driver of India’s sustainable development and economic growth.