India BioEconomy Report 2024

India BioEconomy Report 2024: The Report released by the Department of Biotechnology, estimates India’s bioeconomy value at over $165 billion, contributing 4.2% of GDP.

• About India BioEconomy Report:
• Growth: The value of India’s bioeconomy nearly doubled from $86 billion (2020) to $165 billion (2024).
• The number of companies in bioeconomy increased by ~90% from 5,365 (2021) to 10,075 (2024), expected to double again by 2030.
• Sectoral Contributions:

  o Industrial sector (~$78 billion): Major contributor, including biofuels & bioplastics.

  o Pharmaceutical sector (35% of total value): Vaccines were key contributors.

  o Fastest-growing segment (2024): Research & IT (biotech software, clinical trials, bioinformatics)

  • Regional Distribution: Five states (Maharashtra, Karnataka, Telangana, Gujarat, Andhra Pradesh) generated over two-thirds of bioeconomy value.

  o Eastern & Northeastern regions contributed less than 6%.

  • Recommendation: Establish a National BioEconomy Mission and single-window regulatory mechanism for biotech innovations.
  • About Bioeconomy: Industrial use of biological resources (plants, animals, microorganisms) and the replication of natural biological processes for production.

  o Applications: Traditionally used in healthcare, pharmaceuticals, and agriculture.

  ü Now expanding to biofuels, bioplastics, construction materials, medicines, and chemicals.

  ü Example: Ethanol production (fermentation of sugarcane/corn as a biological fuel alternative).

  • Biotechnology’s Role: Development of biomedicines (from bioresources) and synthetic biology (growth of engineered microorganisms).

  o Increasing role in precision biotherapeutics, climate-resilient agriculture, and marine/space biotechnology.

  • About BioE3 Policy (2024): It’s one of the objective to make India a global hub for bio-manufacturing and R&D in biotechnology.

  o Key Focus Areas: Bio-based chemicals, enzymes, functional foods, climate-resilient agriculture.