According to Media Sources, India has achieved a quantum rise in bioeconomy, touching the figure of 195.3 billion U.S. dollars. Union Science and Technology Minister Dr Jitendra Singh said this while addressing the 14th Foundation Day of Biotechnology Industry Research Assistance Council (BIRAC) in New Delhi. The Minister said the country’s bio-economy stood at 10 billion U.S. dollars in 2014, an increase of nearly 20 times in just over a decade. Dr Singh highlighted that the milestone is in keeping with the collective realisation that the next industrial revolution is going to be biotechnology-driven and the entire paradigm of economic growth is going to shift from IT to majorly biotech, and India would assume the lead when it happens.
As Per Media Sources, The Minister said that India is steadily moving towards its target of a USD 300 billion bioeconomy by 2030, supported by a strong base of scientists, entrepreneurs, and startups. He added that BIRAC has played a crucial role in connecting research with industry and enabling the transition of ideas from laboratories into market-ready solutions. Speaking about the BioE3 Policy, Dr Singh said the policy will promote innovation in areas such as precision biotherapeutics, smart proteins, climate-resilient agriculture, bio-based chemicals, and carbon capture technologies. He underlined that the number of BioTech start-ups has crossed the twelve thousand mark in the country.
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