“Next Industrial Revolution will be Bioeconomy driven,” Union Minister Dr. Jitendra Singh said on Wednesday at the curtain-raiser ceremony of the ‘4th edition of Global Bio India 2024’ here.
If the last industrial revolution in the 1990s was IT-driven, the next one in the 21st century will be Bioeconomy driven, he said.
Dr. Jitendra Singh recalled the clarion call of Prime Minister Narendra Modi for ‘StartUp India Stand Up India’ that ushered a new revolution in StartUps related to technology science and innovation many of them related to marine economy, Space economy and Bioeconomy.
Global Bio-India, a Mega International event for national and international biotech stakeholders is a strategic initiative by the Department of Biotechnology and its Public Sector Unit, Biotechnology Industry Assistance Research Council (BIRAC) to propel and position India’s biotechnology sector into the global spotlight.
The Global Bio-India 2024: The largest Biotech event in the Country will be held on 12-14 September at Pragati Maidan, New Delhi
High-level business and technical delegations will be able to witness India’s growing bio-economy and growth trajectory supported through the government’s policies and continued support commitment integrated with the private sector. This is expected to provide a boost to both “Make in India” and “Startup India” national missions for the biotech sector.
Dr. Jitendra Singh emphasised the government’s priority in boosting the bioeconomy, highlighting that the interim budget mentioned the bioeconomy and bio foundry—topics typically avoided by governments during election years. He stated, “Our priority is to empower the nation and its economy, irrespective of political compulsions.”
Underscoring the impact of biotechnology, the minister pointed out that India’s bioeconomy has grown 13-fold over the last decade, from $10 billion in 2014 to over $130 billion in 2024, with a projection to reach $300 billion by 2030. He also noted that India has climbed from 81st place in 2015 to 40th out of 132 economies in the Global Innovation Index.
Highlighting that India ranks 3rd in the Asia-Pacific region and 12th globally in terms of biomanufacturing, he praised the Department of Biotechnology and BIRAC for their efforts in fostering a culture of innovation and supporting companies involved in biotechnology development.
He also noted that the significant growth in the bioeconomy and related enterprises is a clear indication that the time is ripe for both government and non-government sectors to collaborate in addressing the challenges facing humanity.