Union Minister Dr Jitendra Singh has highlighted that the new Bioeconomy policy rolled out by the government is set to place India as a global leader in the years to come.

Singh was briefing about the recent Union Cabinet decision on the ambitious BioE3 (Biotechnology for Economy, Employment, and Environment) Policy, heralding a transformative shift in India’s manufacturing sector.

Advertisement

As India emerges as a Global Biotech Powerhouse, Dr Jitendra Singh said, Prime Minister Narendra Modi will be hailed across the world as the champion of the new Biotech Boom, which promises to boost the economy, innovation, jobs, and environmental commitments.

Speaking on the surge in the Bio economy, he said “India’s bio economy has experienced remarkable growth, skyrocketing from USD 10 billion in 2014 to over USD 130 billion in 2024, with projections to reach USD 300 billion by 2030. This surge reflects India’s robust economic growth.”

The recent policy will reignite growth spirits and position India as a potential leader in the 4th industrial revolution, he added.

“The BioE3 Policy is set to accelerate this growth trajectory, making substantial contributions to the ‘Make in India’ initiative by fostering the development of bio-based products with minimal carbon footprints.”

According to Dr Singh the BioE3 Policy is designed to address critical global challenges such as climate change and depleting non-renewable resources by facilitating the shift from chemical-based industries to sustainable bio-based models; promoting a circular bio economy; achieving net-zero carbon emissions through innovative waste utilization from biomass, landfills, and greenhouse gases and; encouraging the development of bio-based products and expanding job creation.

The policy encourages entrepreneurship across diverse sectors, including bio-based chemicals, smart proteins, precision bio therapeutics, climate-resilient agriculture, and carbon capture. It establishes cutting-edge bio manufacturing facilities, bio foundry clusters, and Bio-AI hubs, he added.

Understanding the importance of biomanufacturing hubs, Dr Singh highlighted that it will serve as centralised facilities crucial for the production, development, and commercialisation of bio-based products.

He said “These hubs will bridge the gap between laboratory-scale and commercial-scale manufacturing, fostering collaboration among startups, SMEs, and established manufacturers.”