Global Bio-India 2024 Set for September, Highlights Growth in Bioeconomy

“Next Industrial Revolution will be Bioeconomy driven”, said Union Minister Dr. Jitendra Singh at the Curtain Raiser ceremony of ‘4th edition of Global Bio India 2024’ at National Media Centre, New Delhi.

If the last industrial revolution in 1990s was IT driven, the next one in 21st century will be Bioeconomy driven, he said.

Union Minister of State (Independent Charge) for Science and Technology, Minister of State (Independent Charge) for Earth Sciences, MoS PMO, Department of Atomic Energy, Department of Space, Personnel, Public Grievances and Pensions, Dr. Jitendra Singh recalled the clarion call of Prime Minister Shri Narendra Modi of ‘StartUp India Stand Up India ’ which ushered a new revolution in StartUps related to technology science and innovation many of them related to marine economy, Space economy and Bioeconomy.

Global Bio-India, a Mega International event for national and international biotech stakeholders is a strategic initiative by the Department of Biotechnology and its Public Sector Unit, Biotechnology Industry Assistance Research Council (BIRAC) to propel and position India’s biotechnology sector into the global spotlight.

The Global Bio-India 2024: The largest Biotech event in the Country will be held on 12-14 September, 2024 at Hall No. 5, Pragati Maidan, New Delhi

High level business and technical delegations would be able to witness India’s growing Bio-Economy and growth trajectory supported through Government of India’s Policies and continued support commitment integrated with the private' sector. This is expected to provide a boost to both "MakeIn India" and "Startup India" national missions for the biotech sector.

Dr. Jitendra Singh emphasized the government's priority in boosting the bioeconomy, highlighting that the interim budget mentioned the bioeconomy and bio foundry—topics typically avoided by governments during election years. He stated, "Our priority is to empower the nation and its economy, irrespective of political compulsions."

Underscoring the impact of biotechnology, Dr. Singh pointed out that India’s bioeconomy has grown 13-fold over the last decade, from $10 billion in 2014 to over $130 billion in 2024, with a projection to reach $300 billion by 2030. He also noted that India has climbed from 81st place in 2015 to 40th out of 132 economies in the Global Innovation Index.

The Minister of Science and Technology highlighted that India ranks 3rd in the Asia-Pacific region and 12th globally in terms of biomanufacturing. He praised the Department of Biotechnology and BIRAC for their efforts in fostering a culture of innovation and supporting companies involved in biotechnology development. He also noted that the significant growth in the bioeconomy and related enterprises is a clear indication that the time is ripe for both government and non-government sectors to collaborate in addressing the challenges facing humanity.

Reflecting on the COVID-19 pandemic, Dr. Singh acknowledged that while it posed a crisis for many, it also underscored the global importance of biotechnology. He further shared that the Science, Technology, and Innovation (STI) sector is expected to progress rapidly, particularly with the recent passing of the Anusandhan NRF bill, which he introduced in Parliament just before the model code of conduct took effect. Dr. Singh remarked that there will be increased investment and participation from the private sector, which, combined with knowledge and economic resources, will be highly beneficial. He also mentioned 'Bio-Nest,' an incubator for startups, which is expected to support more than 120 startups by the end of this financial year.

The Minister also cited examples of new biotechnology products in the vegan category that are gaining popularity. He highlighted the significant employment and entrepreneurship potential of the biotech sector, as well as its impact on other industries such as pharmaceuticals, food processing, agriculture, and enterprise.

Dr. Jitendra Singh emphasized the importance of early industry linkages and urged the removal of skepticism towards private sector participation.

Dr. Rajesh Gokhale, Secretary of the Department of Biotechnology, noted that companies in the biotechnology sector have achieved a valuation of ₹75,000 crore over the past 10 years. He further highlighted that biotechnology is one of the sunrise sectors, with nearly 28,000 proposals currently being evaluated for upscaling.