“India is set to achieve $150 billion Bio-Economy by 2025, which stood at over $100 billion in 2022,” Union Minister Dr. Jitendra Singh said this while overseeing the signing up of the ‘Implementation Arrangement’ between the Department of Biotechnology (DBT) and the United States-National Science Foundation (US-NSF) in New Delhi on August 22.
According to Dr. Jitendra Singh, the upward trajectory of India’s Bio-Economy will make a substantial contribution to the country’s overall economic growth. He pointed out that India currently holds a market share of 3-5% in the global biotechnology sector, positioning it as the 12th largest player globally in biotech and the 3rd largest in the Asia-Pacific region.
The Minister remarked that the ‘Implementation Arrangement’ will establish the groundwork for bilateral cooperation between the two nations, focusing on expediting advancements in the field of ‘Biotechnology Innovation and Biomanufacturing’. He noted that the initiative will propel the exchange of knowledge, technologies, and innovative ideas through collaborative research efforts, thereby empowering the biotechnology sectors and fostering the growth of the bioeconomies in both countries.
Dr. Jitendra Singh emphasized that the government has consistently endorsed innovation driven by technology, aiming to establish a technologically advanced platform that aligns with India’s vision of self-reliance. He also lauded both the DBT and NSF for strengthening the existing bilateral partnerships between India and the USA through the Implementation Arrangement.
Notably, during PM Modi’s recent trip to the United States in June 2023, the leadership of both nations urged their administrations to expand their collaborations into the field of advanced biotechnology and biomanufacturing. They also aimed to strengthen innovation, practices, and standards related to biosafety and biosecurity.
The Union Minister stressed on the global concerns and challenges like climate change, inefficient resource utilization, unsustainable material consumption, and excessive waste generation. He said that the need for unified and sustainable measures to address these issues and called for forward-looking research and innovation strategies to accelerate Biomanufacturing for achieving global sustainability objectives.
He mentioned that the DBT has embarked on a significant endeavor titled, “Fostering High Performance Biomanufacturing – An integrated approach towards promoting a circular economy for a Green, Clean, and Prosperous India.” This initiative aligns with Prime Minister’s “Lifestyle for the Environment (LIFE)” initiative, encouraging all stakeholders to adopt environmentally friendly solutions in all aspects of life to effectively meet climate and energy targets.
The Minister pointed out that the Department of Biotechnology has nurtured a strong foundation in biotechnology innovation, research and manufacturing across segments such as bio-pharma, bio-services, agri biotech, industrial biotech, and bioinformatics through public-private partnership, Make-in-India and Atma Nirbhar Bharat initiatives of the government.