Prelims (GS - I) – Economic and Social Development-Sustainable Development, Poverty, Inclusion, Demographics, Social Sector Initiatives, etc.
Mains (GS - III) – Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment.
Why in News?
India Bio-Economy report has pegged the value of India’s bioeconomy in 2024 at more than $165 billion, accounting for over 4.2% of the country’s GDP.
- Bio-economy – Refers to the industrial use of biological resources (plants, animals, and microorganisms), and the replication of natural biological processes in the production of goods and services.
- Released by – Department of Biotechnology.
- Key findings – The report shows that the value of India’s bioeconomy nearly doubled in the last 5 years, from 2020 to 2024.
- The number of companies operating in the bioeconomy has gone up by almost 90% in the last 3 years, from 2021 to 2024.
- This number is projected to double again by 2030, by which time such companies would employ close to 35 million people.
- Nearly half the value of the bioeconomy was generated in the industrial sector, for the development and use of biofuels and bioplastics, among other things.
- The pharma sector accounted for another 35% of the total value, with vaccines the major contributor.
- But the fastest growing segment in 2024 was research and IT, which includes biotech software development, clinical trials, and bioinformatics that helps in areas such as drug research.
- The report showed that only 5 states — Maharashtra, Karnataka, Telangana, Gujarat and Andhra Pradesh, accounted for more than two-thirds of the value generated in the bioeconomy.
- The entire eastern and northeastern region generated less than 6% of the total value.
- Achievements in Bioeconomy – India is among the top producers of vaccines globally and developed the world’s first DNA COVID-19 vaccine.
- Ethanol blending largely increased from 2014 to 2024, with a target of 20% by 2025.
- The sector contributes 4.25% to GDP with a compound annual growth rate (CAGR) of 17.9% over the past four years.
- While the 4.2% share in the overall GDP was comparable to figures in the United States and China, the bioeconomy of countries like Spain and Italy accounts for more than 20% of their GDP.
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Government Initiatives and Key Programmes
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- BioE3 policy (Biotechnology for Economy, Environment and Employment) – Aims to establish India as a global hub for bio-manufacturing, and a major centre for research and development in biotechnology.
- The idea is to incentivise and promote the setting-up of a network of universities, research institutions, start-ups and industries to facilitate bio-manufacturing.
- National Biopharma Mission (NBM) – Innovate in India (i3), is a government-approved initiative led by the Department of Biotechnology (DBT) and implemented by BIRAC.
- It aims to boost India’s capabilities in biopharmaceuticals, vaccines, biosimilars, medical devices, and diagnostics by fostering collaboration between industry and academia.
- Biotech-KISAN – It is a scientist-farmer partnership programme launched to empower farmers, especially women and those in rural and tribal areas, through agricultural innovation and scientific interventions.
- It follows a hub-and-spoke model and is active across 115 Aspirational Districts in India.
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Reference
The Indian Express | India Bio-Economy Report
