India’s bioeconomy projected to reach $300 billion by 2030: Minister

New Delhi, Oct 13 (IANS) India’s bioeconomy grew more than $150 billion in 2023 and is expected to reach $300 billion by 2030, the government said on Sunday. 

Inaugurating India’s first demonstration facility for biopolymers in Pune, Union Minister Jitendra Singh said this is a pioneering effort in developing indigenously integrated technology for the production of Polylactic Acid (PLA) bioplastic.

“This marks a pivotal development for India’s commitment to sustainable solutions. This demonstrates India’s resolve to transition from fossil-based plastics to eco-friendly alternatives, crucial for addressing the global plastic pollution crisis,” the minister told the gathering.

India now ranks 12th in the world in biotech and third in Asia-Pacific.

"We are the largest vaccine manufacturer and the third largest startup ecosystem,” said the minister, adding that the biotech ecosystem in the country is emerging at a rapid pace with the setting up of 95 bio-incubators and increasing numbers of biotech startups.

The biotech startups have experienced remarkable growth, increasing from just about 50 in 2014 to over 8,500 in 2023.

“The rise of biotech startups is pivotal for our future economy. These efforts place India at the forefront of the global bioplastics movement, showing the world how biotechnology can contribute to a cleaner, more sustainable future,” said Singh.

The country has emerged as a highly alluring destination on a global scale, propelled by Prime Minister Narendra Modi's visionary endeavour to establish the country as “Atmanirbhar”.

Speaking about the partnerships between industry, academia, and government, the minister said that it is crucial for translating innovative ideas into real-world solutions and fostering innovation through research and development.

“This Pune facility symbolises a new chapter for India’s bioeconomy. It showcases our ability to lead in technological innovation and offers a sustainable pathway to reducing environmental impact,” the minister noted.

The government's ‘BioE3 Policy’ is an important step forward towards sustainable growth in the backdrop of climate change, depleting non-renewable resources and unsustainable waste generation.