India BioEconomy Report 2024: Key Insights

Context

The India BioEconomy Report 2024, released by the Department of Biotechnology, estimates India's bioeconomy at $165 billion, contributing 4.2% of GDP. The sector is projected to grow to $300 billion by 2030 and $1 trillion by 2047.

What is Bioeconomy?

The bioeconomy involves the industrial use of biological resources (plants, animals, microorganisms) to create sustainable products. It has expanded beyond healthcare and agriculture to biofuels, bioplastics, and construction materials.

Key Developments

• Ethanol replacing hydrocarbon fuels.

• Synthetic biology enabling biotech advancements.

Growth & Sector-wise Contributions

• Market Expansion: Nearly doubled in five years (from $86 billion in 2020 to $165 billion in 2024).

• Employment: Expected to create 35 million jobs by 2030.

• Sectoral Share:

  • Bio-manufacturing (Biofuels, Bioplastics): 47%

  • Pharma (Vaccines, Biotech drugs): 35%

  • Research & IT (Bioinformatics, Clinical Trials): Fastest-growing

Challenges & Regional Disparities

• Regional Imbalance: Five states (Maharashtra, Karnataka, Telangana, Gujarat, Andhra Pradesh) dominate, while Eastern & Northeastern regions contribute less than 6%.

• Regulatory Delays: Hurdles in GM crops and biotech approvals.

BioE3 Policy & Government Initiatives

• BioE3 Policy (2024): Aims to make India a global biotech hub.

• Assam first to adopt BioE3 framework.

• Startup Growth: 10,075 biotech startups (up from 50 in 2014).

• R&D Boost: ₹1,27,381 crore spent in 2024, doubling since 2014.

Breakthroughs & Future Prospects

• Nafithromycin: First indigenous antibiotic for respiratory diseases.

• Gene therapy trials for hemophilia.

• Genome sequencing project mapping 10,074 individuals.

• Space Biotechnology: Collaboration with ISRO for astronaut health research.

Way Forward

• National BioEconomy Mission for policy coordination.

• Single-window clearance for biotech regulations.

• Expanding bio-manufacturing beyond leading states.

• Skill development in synthetic biology & bioinformatics.

Conclusion

India's bioeconomy is growing rapidly, surpassing targets and creating jobs. With the right policies, it can become a global leader by 2047.