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New Delhi, August 15, 2024 — The next industrial revolution will be driven by the bioeconomy, declared Union Minister Dr. Jitendra Singh during the Curtain Raiser ceremony for the 4th edition of Global Bio India 2024. Speaking at the National Media Centre in New Delhi, the Minister emphasized the transformative impact of biotechnology on India’s economic future and highlighted the government’s strategic shift in priorities post-2014, underlining a significant rise in support for biotech innovations.
Dr. Singh, who holds several key positions including Union Minister of State (Independent Charge) for Science and Technology, Earth Sciences, and Minister of State for the Prime Minister’s Office, recalled Prime Minister Narendra Modi’s visionary “Startup India Stand Up India” initiative. This program, he noted, has catalyzed a new era of technology-driven startups, many of which are rooted in the marine economy, space economy, and bioeconomy.
India’s bioeconomy, he said, has experienced remarkable growth, expanding 13-fold over the last decade from $10 billion in 2014 to over $130 billion in 2024. The sector is on track to reach a projected $300 billion by 2030. Dr. Singh underscored India’s rise in the Global Innovation Index, moving from 81st place in 2015 to 40th out of 132 economies, reflecting the nation’s commitment to fostering innovation and technological advancement.
During the event, Dr. Singh highlighted India’s strong standing in biomanufacturing, ranking 3rd in the Asia-Pacific region and 12th globally. He commended the Department of Biotechnology and its Public Sector Unit, the Biotechnology Industry Research Assistance Council (BIRAC), for their role in advancing the bioeconomy. He also pointed out that the bioeconomy is one of the few topics included in the interim budget—a testament to the government’s unwavering commitment, even during an election year.
Global Bio India 2024, slated to be held from September 12-14, 2024, at Pragati Maidan, New Delhi, is expected to be the largest biotech event in the country. This mega international event will bring together high-level business and technical delegations, offering them a firsthand view of India’s burgeoning bioeconomy and growth trajectory. The event aims to boost both the “Make in India” and “Startup India” missions, showcasing India’s potential to become a global biotech leader.
Reflecting on the COVID-19 pandemic, Dr. Singh acknowledged its dual impact: while it presented a global crisis, it also underscored the critical importance of biotechnology. He noted that with the recent passage of the Anusandhan National Research Foundation (NRF) bill, the Science, Technology, and Innovation (STI) sector is poised for rapid progress, bolstered by increased private sector investment and collaboration.
Dr. Rajesh Gokhale, Secretary of the Department of Biotechnology, also spoke at the event, noting that the biotechnology sector has achieved a valuation of ₹75,000 crore over the past decade. He highlighted the sector’s potential for growth, with nearly 28,000 proposals currently under evaluation for upscaling. Dr. Gokhale emphasized biotechnology as a “sunrise sector,” poised to revolutionize industries such as pharmaceuticals, food processing, agriculture, and more.
As India prepares to host Global Bio India 2024, the event is set to further propel the country’s bioeconomy into the global spotlight, reinforcing India’s position as a leader in biotechnology innovation and economic growth.
