BUSINESS
India’s biotech ecosystem has grown to nearly 9,000 startups from just 50 back in 2014 with the bioeconomy witnessing remarkable growth in the last 10 years, Union Minister Jitendra Singh said on Friday. Addressing the FE Green Sarathi summit, the Science and Technology Minister said India’s bioeconomy has seen remarkable growth, growing from $10 billion in 2014 to over $130 billion in 2024 in just about 10 years and is likely to be $300 billion by 2030. “With the kind of threat of pollution, the climate challenges, etc., being faced, this government has held sustainability at a very high priority. This is quite contrary to the times till about 10-15 years ago when India was not taken very seriously as far as issues like climate or the green concerns because they thought either India was alien to it or maybe we didn’t understand the seriousness of it,” Singh said. Highlighting India’s aim to achieve net zero target by 2070 as announced by Prime Minister Narendra Modi at COP-26 in 2021, Singh said from a nation which was considered to be either alien or ignorant to these futuristic concerns, India has moved on to a level where it could actually lay the targets for others to follow. The minister further touched upon the initiatives undertaken by the government towards sustainability in the last few years. “We have a green hydrogen mission. We have a mission for climate change. And when we talk about the biodiversity issue, it is we who have launched the deep sea mission. I think we are among the first in the world to launch such a mission,” he said. Stressing the significance of India’s coastal areas, the minister said the country’s sea bed is full of biodiversity, minerals, and metals, which are not available to other countries, even if they are located in the coastal areas. And so when India discovers that, it will gain economy -wise as the country aims to become the third largest economy, he added. Moreover, “we are among the first in the world to have very recently come up with a biotechnology policy which is primarily aimed at enhancing bioeconomy and also the cellular economy, and that has been very appropriately named as BioE3.” None
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