New Delhi: India’s bioeconomy has seen exponential growth, ballooning from $10 billion in 2014 to a staggering $130 billion in 2024, with expectations to triple to $300 billion by 2030. This surge is largely attributed to the recently unveiled BioE3 (Biotechnology for Economy, Employment, and Environment) Policy, aimed at transforming India into a global biotech leader.
Union minister Jitendra Singh, during a media briefing on the Union Cabinet’s decision, expressed that the policy positions India on the global stage as a key player in the biotech sector. “The new Bioeconomy policy rolled out by the Modi Government is set to place India as a global leader in the years to come,” he said, praising Prime Minister Narendra Modi’s initiative for spearheading this transformative shift in India’s manufacturing landscape.
The BioE3 policy aims to pivot from traditional consumptive practices to high-performance, regenerative biomanufacturing. This marks a significant step towards a cleaner, greener, and more prosperous Bharat. “Prime Minister Narendra Modi will be hailed across the world as the champion of new Biotech Boom, that promises to boost the economy, innovation, jobs, and environmental commitments,” Singh noted.
Addressing the current state of the bioeconomy, Singh said, “This surge reflects India’s robust economic growth. The recent policy will reignite growth spirits and position India as a potential leader in the 4th industrial revolution.” The BioE3 Policy is designed to foster the development of bio-based products with minimal carbon footprints, contributing substantially to the ‘Make in India’ initiative.
The policy outlines several strategic objectives, including transitioning from chemical-based industries to sustainable bio-based models, promoting a circular bioeconomy, and striving for net-zero carbon emissions through innovative waste utilization. “It is expected to generate substantial employment opportunities, particularly in tier-II and tier-III cities, where biomanufacturing hubs will be set up, leveraging local biomass sources and enhancing economic development in these regions,” Singh added.
These biomanufacturing hubs will act as centralized facilities crucial for the development and commercialization of bio-based products, fostering collaboration among startups, SMEs, and established manufacturers. They are expected to play a pivotal role in large-scale manufacturing of products like mRNA-based vaccines and proteins.
Singh also emphasized the integration of Bio-AI hubs that will drive innovation by analyzing large-scale biological data, paving the way for groundbreaking advancements in gene therapies and food processing solutions.
By aligning with international standards and focusing on ethical biosafety considerations, the BioE3 Policy sets a benchmark for how effective science policies can drive national development and sustainability, supporting India’s vision of a ‘Viksit Bharat’ (Developed India).