New Delhi, 21 March (IANS). India’s bioconomy has increased by 16 times in the last 10 years and has increased to $ 165.7 billion in 2024, which was $ 10 billion in 2014. This information was given by the government on Friday.
Union Minister Dr. Jitendra Singh said at the foundation day celebrations of BIRAC in the national capital that this rapid growth is a proof of the government’s commitment to promote biotechnology as the major column of India’s future economic development.
Dr. Singh, citing the ‘IBER 2025’ report, said, “India’s bio-economy has increased from $ 10 billion to $ 165.7 billion in just 10 years, which is more than our early target of $ 150 billion by 2025.”
The report said that this sector is contributing 4.25 percent to the total GDP (GDP). In the last four years, this sector has shown a compound annual growth rate (CAGR) of 17.9 percent, which reflects India’s capacity as a global biotech powerhouse.
The Union Minister also unveiled Bioserthi, a global mentorship initiative that aims to promote biotech startups.
The Union Minister said that this initiative will strengthen India’s biotech ecosystem by promoting innovation, increasing industry-consumption cooperation and preparing Indian startups for global success.
Under this initiative, foreign experts, especially Indian migrants will be included as international mentors, who will voluntarily come forward to contribute to the society.
The Union Minister also spoke about the recently approved Bio-E3 policy, which aims to speed up research, innovation and entrepreneurship in the region.
India’s total expenditure on R&D has increased from Rs 60,196 crore to Rs 1,27,381 crore in 2013-14 to Rs 1,27,381 crore in the last decade.
-IANS
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