The India Bio Economy Report 2022

Tags: Economy/Finance

Biotechnology Industry Research Assistance Council (BIRAC) released India’s Bioeconomy Report 2022.

Key findings of the Report

• India's bio-economy is expected to exceed USD 150 billion by 2025 and over USD 300 billion by 2030.

• India's bio-economy is expected to exceed USD 80 billion in 2021, showing a growth of 14.1 per cent from USD 70.2 billion in 2020.

• India generated a bio-economy of USD 219 million per day by adding USD 80.12 billion in 2021.

• On average, at least three biotech startups were established every day in 2021 (a total of 1,128 biotech startups were established in 2021).

• Bio-tech industry crossed USD 1 billion in research and development spending. 

• India administered nearly 4 million doses of Covid-19 vaccines per day (total 1.45 billion doses given in 2021).

• India conducted 1.3 million Covid-19 tests each day in 2021 (total of 506.7 million tests).

• India has the second largest number of USFDA approved manufacturing plants outside the US.

What is Bioeconomics?

• Bioeconomics is a subject arising out of the synthesis of biology and economics.

• According to the Bio-economy Council the bio-economy is the knowledge-based production and use of biological resources to provide products, processes and services in all economic sectors within the frame of a sustainable economic system.

• Sustainable agriculture, Sustainable Fishing, Forestry and aquaculture, Food and feed manufacturing, Bioplastics, Biodegradable clothing are example of bio-economics.