During the curtain raiser ceremony for the 4th edition of Global Bio India 2024, Dr. Jitendra Singh, Science and Technology Minister, stated that India is ready to lead the upcoming industrial revolution with the growing bioeconomy. “Next Industrial Revolution will be Bioeconomy driven”, he said. Dr. Singh highlighted the government's steadfast dedication to supporting a flourishing biotechnology industry.
The upcoming Global Bio India 2024, scheduled for September 12-14 at Pragati Maidan, New Delhi, will function as a crucial stage to display India's advancements in biotechnology and entice global investments. The Department of Biotechnology and its public sector unit, Biotechnology Industry Assistance Research Council (BIRAC), are hosting this large event to strengthen India's position as a prominent player in the biotechnology industry worldwide.
A bioeconomy, referred to as a biobased economy or biotechonomy, is a type of economic system that utilizes biotechnology and biomass for the creation of goods, services, and energy. It relies on sustainable organic materials, including flora, fauna, and microbes, as well as biodegradable waste products.
The bioeconomy is focused on enhancing sustainability and circularity through lessening dependence on fossil fuels, lowering greenhouse gas emissions, and reusing, repairing, and recycling materials.
Dr. Singh compared the IT-driven industrial revolution of the 1990s to the upcoming bioeconomy-led transformation of the 21st century. He highlighted the ability of biotechnology to transform different industries such as healthcare, agriculture, energy, and environmental sustainability.
The minister emphasized the Prime Minister's forward-thinking programs such as 'Startup India Stand Up India', which have sparked a surge of creativity and business development in technology, science, and related areas, including the bioeconomy. India's growing marine, space, and bio industries demonstrate the country's goal to be a leader in global innovation.
Dr. Jitendra Singh emphasized the government's robust support for the bioeconomy, emphasizing its inclusion in the interim budget, a new development during election periods. This decision clearly indicates that the government values the development and progress of the industry.
The minister affirmed the government's unwavering commitment to enhancing the country and its economy, irrespective of political considerations. He highlighted the rapid growth of India's bioeconomy, which surged from $10 billion in 2014 to over $130 billion in 2024. India aims to establish itself as a key player in the biotechnology sector, targeting a $300 billion goal by 2030.
Dr. Rajesh Gokhale, Secretary of the Department of Biotechnology, stated that India's biotechnology industry has experienced impressive expansion in the last ten years. Businesses in this industry have together reached a valuation of Rs. 75,000 crore, highlighting the significant opportunities within the sector.
In addition, Dr. Gokhale highlighted the robust innovation pipeline, with approximately 28,000 proposals currently under evaluation for expansion. This shows the lasting enthusiasm and entrepreneurial spirit found in the Indian biotech community.
The forthcoming Global Bio India 2024 summit is anticipated to have a substantial influence by attracting high-level business and technical professionals from different countries. It will provide a unique chance to showcase India's thriving bioeconomy and foster collaborations between domestic and international stakeholders.
The event is expected to greatly support the government's initiatives to boost domestic manufacturing and entrepreneurship in the biotech sector through the 'Make in India' and 'Startup India' campaigns.
Despite the growth of India's bioeconomy, it needs to address challenges such as regulations, infrastructure, and workforce issues in order to reach its full potential.
However, India has the great potential to become a global leader in biotechnology, thanks to proactive steps taken by the government and the growing participation of the private sector.
As Global Bio India 2024 kicks off its 4th edition, the international community eagerly anticipates the future of India's bioeconomy.
(input from various media sources)
(Rehash/Dr. Abhilasha Manker/MSM)