BIOE3 Policy focuses on three core pillars
C O V E R S T O R Y
green growth , the BioE3 policy will facilitate expansion of India ’ s skilled workforce and provide a surge in job creation .”
Agreeing with the him , Anand Ghosalkar , Chief Scientist , Praj Industries , India said , “ At the
4.25 percent to the country ’ s GDP . The report predicts that India ’ s bioeconomy will continue its robust expansion , targeting a valuation of USD 300 billion by 2030 .
Prepared by the Biotechnology Industry Research Assistance Council ( BIRAC ) and the Association of
BIOE3 Policy focuses on three core pillars
Bioenergy : Expanding the role of biofuels , biogas , and bioelectricity in the national energy mix . Biotechnology : Driving innovation with a focus on healthcare , agriculture , and industrial applications . Circular Economy : Promoting the reuse , recycling , and regeneration of biological resources .
backdrop of Bio-E3 policy , we are looking at a larger picture of sustainable growth and new frontiers in renewable chemicals and materials . Our first focus is on bioplastics , which is crucial both from the perspective of the environment and decarbonisation of this sector from petroleum based plastics .”
India ’ s bioeconomy reaches US $ 151 billion in 2023
According to a new report , Indian bioeconomy has seen substantial growth , reaching a valuation of USD 151 billion by the end of 2023 . This growth shows the sector ’ s vital role in national development , contributing
Biotechnology Led Enterprises ( ABLE ), the report , released at the Global Bio-India Summit 2024 , revealed that bioindustrial sector remains the largest contributor to India ’ s bioeconomy , accounting for USD 72.6 billion , or 48.09 percent of the total market . This sector includes biofuels , bioplastics , and enzymatic applications in industries such as textiles and detergents . Biofuels , especially ethanol , have seen significant growth , with production capacity reaching 13.8 billion liters in 2023 , making India the world ’ s thirdlargest producer of ethanol .
The biopharma sector also experienced notable growth , contributing USD 53.8 billion , or 35.65 percent , to the
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BioVoiceNews | October 2024