India’s Bio-economy has grown 8 times to over $80 billion in 2022: Jitendra Singh

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Union Minister of State (Independent Charge) Science & Technology Dr Jitendra Singh has said that India's bio-economy has grown 8 times in the last 8 years under Prime Minister Modi leadership from $10 billion in 2014 to over $80 billion in 2022.

He was speaking at the “International Conference on Emerging Trends in Biosciences and Chemical Technology- 2022” in Jammu on 3 December 2022.

The conference is being organized by Shri Mata Vaishno Devi University, School of Biotechnology, Jammu in collaboration with CSIR-IIIM Jammu and The Biotech Research Society of India, from 3rd - 5th December 2022.

 Dr Jitendra Singh said that Biotech Startups have grown 100 times in the last 8 years from 52 odd startups in 2014 to more than 5300 in 2022. He said, 3 Biotech Startups were incorporated every day in 2021 and a total of 1,128 biotech startups were set up in 2021 alone, signalling the rapid growth of the sector in India.

What is Bio- Economy?

The concept of Bio-Economy was first used in Europe. The term Bio Economy generally refers to an economy using renewable natural resources to produce food, energy, products and services. The important renewable natural resources include the biomass in forests, soil, fields, bodies of water and the sea and freshwater.  

The  Bio- Economy covers all sectors and systems that rely on biological resources (animals, plants, micro-organisms and derived biomass, including organic waste), their functions and principles. 

It includes all economic and industrial sectors that use biological resources and processes to produce food, feed, bio-based products, energy and services.