The India Bio Economy Report 2022
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.
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