As per Jitendra Singh, the Minister for Science and Technology, India’s bio economy has grown 13 times in the last ten years and is predicted to double by 2030.
According to Singh, who briefed the media on the introduction of the Biotechnology for Economy, Employment and Environment (BioE3) policy by the Indian Cabinet, India’s bio-economy has grown significantly, from $10 billion in 2014 to over $130 billion in 2024, and is expected to reach $300 billion by 2030.
According to him, the BioE3 policy will spur economic expansion and establish India as a possible front-runner in the event of the next industrial revolution.
Critical global issues like climate change and the depletion of non-renewable resources are the focus of the new policy.
The BioE3 initiative aims to address these issues by creating a circular bioeconomy, supporting net-zero carbon emissions, easing the transition from chemical-based to sustainable bio-based business models, and stimulating the creation of bio-based products.
A new global movement known as the “bioeconomy” is centred on the wise use of renewable natural resources, the investment and valuation of biodiversity, and the reshaping of cities, industries, and even landscapes “within the ecological boundaries of the planet.”
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