New Delhi— Union Minister Dr. Jitendra Singh announced on Wednesday that India’s bioeconomy, which has grown from $10 billion in 2014 to $165.7 billion in 2024, is on track to reach $300 billion by 2030 under the leadership of Prime Minister Narendra Modi.
Speaking at the International Centre for Genetic Engineering and Biotechnology (ICGEB) board of governors meeting, Dr. Singh said India is well-positioned—both politically and scientifically—to lead the next global biotechnology revolution.
He described India as an emerging global biotech hub, highlighting the country’s rapid growth in the sector. India now ranks 12th globally in biotechnology and third in the Asia-Pacific region. It is also the world’s largest vaccine producer and home to the third-largest startup ecosystem.
Dr. Singh inaugurated the country’s first publicly funded DST-ICGEB Bio-foundry, a milestone for India’s biotech infrastructure. ICGEB, with 69 member countries, plays a key role in advancing sustainable development through research, training, and technology transfer.
India’s biotech startup landscape has seen explosive growth, increasing from just 50 in 2014 to over 10,000 in 2024. Dr. Singh cited major achievements such as the development of the world’s first DNA-based COVID-19 vaccine under Mission COVID Suraksha and the global Vaccine Maitri initiative.
He also highlighted India’s first indigenously developed antibiotic for monotherapy in bacterial pneumonia, Nafithromycin, and the creation of diagnostic kits for diseases like Dengue and HIV.
Emphasizing the strategic importance of biomanufacturing, Dr. Singh praised the BioE3 Policy, approved by the Union Cabinet in August 2024, as a transformative step to promote high-performance, sustainable bio-based manufacturing in India. (Source: IANS)
