US $ 300 billion bioeconomy by 2030
Can India achieve this ambitious target ?
India ' s biotechnology industry crossed US $ 80.12 billion in FY 2022-23 , recording 14 % growth over previous year . Can it register four fold increase in its revenue over the period of next 8 years and how ? The story highlights the progress made in terms of revenue , right policies and available opportunities in achieving the goal .
BY BIOVOICE NEWS BUREAU
Biotech sector is one of the most demand driven sectors . We are seeing the same respect and reputation for our biotech sector and for the bio professionals of India as we saw for our IT professionals in the past decades ,” remarked Prime Minister , Narendra Modi at the Biotech Startup Expo -2022.
Top policymakers and industry leaders agree with the Prime Minister ’ s assessment . As per many official and unofficial statements , India ' s bioeconomy is likely to touch USD 150 billion by
2025 and over USD 300 billion by 2030 . The recently released ‘ India Bioeconomy Report 2022 ’ by the Biotechnology Industry Research Assistance Council ( BIRAC ) and Department of Biotechnology ( DBT ), has pegged the value of the industry at $ 80 billion in 2021 , reflecting a growth of 14.1 % over $ 70.2 billion in 2020 . The segments such as BT cotton , biopesticides , biostimulants and biofertilizers contributed to about US $ 10.48 billion in 2021 .
As per the Informa Pharma Intelligence report 2021 , India has around 127 approved
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BioVoiceNews | February 2023