New Delhi, March 19 (IANS) – Union Minister Dr Jitendra Singh recently announced that India’s bioeconomy has experienced remarkable expansion, reaching over $195 billion in 2025, a substantial increase from approximately $10 billion in 2014.
Speaking at the 14th Foundation Day of the Biotechnology Industry Research Assistance Council (BIRAC), Dr Singh highlighted the sector’s robust growth, which has seen an annual expansion rate of around 17-18 per cent in the past year alone.
He stated that biotechnology is becoming a critical component of India’s growth narrative, contributing significantly to advancements in various sectors including healthcare, agriculture, climate solutions, and sustainable manufacturing.
Dr Singh also noted that India is on track to achieve its ambitious target of a $300 billion bioeconomy by 2030, supported by a burgeoning ecosystem of scientists, startups, and entrepreneurs.
In discussing the role of BIRAC, he emphasised the organisation’s vital function in bridging the gap between research and industry, facilitating the translation of innovative concepts into market-ready solutions.
The minister also elaborated on policy initiatives, particularly the BioE3 Policy, which aims to strengthen bio-based industries and promote sustainable biomanufacturing. This policy is set to support innovations in critical areas such as biotherapeutics, climate-resilient agriculture, and bio-based chemicals.
Dr Singh highlighted the government’s Research, Development and Innovation (RDI) Fund, which has an outlay of Rs 1 lakh crore. Under this initiative, BIRAC will play a pivotal role in supporting biotechnology ventures and scaling innovations.
During the event, the India Bioeconomy Report 2026 and the BIRAC Impact Report were unveiled. These reports indicate that the bioeconomy sector has more than doubled since 2020, now contributing approximately 4.8 per cent to the nation’s GDP.
Additionally, the reports revealed that India boasts over 11,800 biotech startups, showcasing the rapid advancement of the innovation ecosystem.
The minister also stressed the importance of nurturing young talent, particularly from smaller towns and cities, and called for enhanced collaboration among industry, academia, and policymakers to foster innovation and drive economic growth.