NEW DELHI: Union Minister Jitendra Singh has said India’s bio-economy has skyrocketed from $10 billion in 2014 to over $130 billion in 2024, with projections to reach 300 billion by 2030.
“India is not only a leader in biotechnology, but is now at the center of a global biotech boom, which will foster innovation, create jobs and strengthen environmental commitments,” the minister said.
Singh also underscored the fact that India currently accounts for 60 per cent of global vaccine production and was home to the second-largest number of United States Food and Drug Administration-approved manufacturing plants outside the US.
“With growing investment opportunities across sectors such as bio-pharma, bio-agri, bio-industrial, bio-energy, bio-services, and med-tech, India is emerging as a global leader in biotechnology,” he said. Singh further compared the ongoing “bio-revolution” in India to the IT revolution driven by the West, highlighting that the country’s rich natural and biodiversity resources were key to its biotechnology success.