India Set to Achieve USD150 billion Bio-Economy by 2025

India Set to Achieve USD150 billion Bio-Economy by 2025

Dr. Jitendra Singh, the Union Minister of State (Independent Charge) for Science & Technology, MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy, and Space, announced today that India is poised to achieve a significant milestone in its biotechnology sector. The country’s Bio-Economy is projected to reach USD150 billion by 2025, building upon its 2022 value of over USD100 billion.

Speaking during the signing of the ‘Implementation Arrangement’ between the Department of Biotechnology (DBT) and the United States-National Science Foundation (US-NSF), Dr. Jitendra Singh emphasized the strategic importance of this collaboration. The agreement marks the continuation of discussions initiated in June 2023 between Dr. Rajesh S. Gokhale, Secretary of DBT, and Dr. Sethuraman Panchanathan, Director of NSF, aimed at fostering a “Strategic Partnership” between the two entities.

Recalling the recent meeting between the leadership of India and the United States during Prime Minister Narendra Modi‘s visit to the US, Dr. Jitendra Singh highlighted the shared commitment to extend existing partnerships into advanced biotechnology, biomanufacturing, biosafety, and biosecurity innovations.

Dr. Jitendra Singh pointed out that India’s burgeoning Bio-Economy will play a pivotal role in the nation’s overall economic growth. He noted that India currently holds a 3-5% market share in the global biotechnology industry, ranking 12th worldwide and 3rd in the Asia-Pacific region.

Highlighting India’s robust standing in the global innovation landscape, Dr. Jitendra Singh mentioned that the country boasts the 3rd largest startup ecosystem globally and is the largest vaccine manufacturer. He emphasized that India’s efforts in science and technology have been recognized internationally, as evidenced by its ranking of 40th in the Global Innovation Index of 2022.

Dr. Jitendra Singh underscored the Department of Biotechnology’s instrumental role in fostering biotechnology innovation, research, and manufacturing. Through initiatives such as public-private partnerships, Make-in-India, and Atma Nirbhar Bharat, the department has laid a solid foundation in various biotechnology segments, including bio-pharma, bio-services, agri-biotech, industrial biotech, and bioinformatics.

The Minister praised the Indian Government’s commitment to technology-driven innovation aligned with Prime Minister Modi’s vision of Aatmanirbharta (self-reliance). He congratulated DBT and NSF for furthering the bilateral collaborations between India and the USA through the ‘Implementation Arrangement.

In addressing global challenges like climate change and resource scarcity, Dr. Jitendra Singh stressed the importance of futuristic research and innovation in biomanufacturing. He highlighted DBT’s significant initiative, “Fostering High Performance Biomanufacturing – An integrated approach towards promoting a circular economy for a Green, Clean, and Prosperous India.” This initiative aligns with the Prime Minister’s ‘Lifestyle for the Environment (LiFE)’ campaign, advocating eco-friendly solutions to achieve climate and energy goals.

The ‘Implementation Arrangement’ between DBT and NSF lays the groundwork for collaborative efforts to accelerate innovations in biotechnology and biomanufacturing. This partnership aims to advance knowledge, technologies, and innovation through collaborative research, strengthening the biotechnology industries and bioeconomies of both nations.

Dr. Sethuraman Panchanathan, Director of NSF, emphasized the potential for joint efforts between the USA and India to address pressing global challenges such as climate mitigation and energy goals through biotechnology innovation and biomanufacturing

Dr. Rajesh S. Gokhale, Secretary of DBT, highlighted the significance or essentiality of partnership in addressing innovation challenges and enhancing technological opportunities. He stressed the potential synergy with DBT’s initiative in promoting high-performance biomanufacturing and a circular economy for a Green, Clean, and Prosperous India.

The Department of Biotechnology (DBT), under the Ministry of Science and Technology, Government of India, plays a pivotal role in fostering innovation and research across various biotechnology segments.

The U.S. National Science Foundation (US-NSF), an independent federal agency, supports science and engineering in the United States with a mission to advance national health, prosperity, welfare, and defense through grant administration.

Leave a Reply

Your email address will not be published. Required fields are marked *

Powerful Plant Proteins: 7 Must-Have Veggie Sources for a Protein-Packed Diet! Top Health Benefits of Dragon Fruit (Pitaya) 7 Signs You’re Mature Now Health Benefits of Bajra (Pearl Millet) 7 Skin Benefits of Cocoa Mastering Money: Seven Financial Habits of Highly Successful Individuals Memory-Boosting Tips for Students 7 Reasons: Why Should Every Student Embrace Internships for a Bright Future Top 5 Trends In Urban Agriculture The Remarkable Journey of Field Marshal Sam Manekshaw Seven Tips for Building Self-Confidence 7 Quotes by Subhas Chandra Bose on Freedom, Sacrifice, and Strength Seven secrets of a Happy Marriage 6 Morning Benefits of Ajwain Water (Carom Seed Water) 10 Divine Features of Ayodhya’s Ram Mandir