Why in the News?
India BioEconomy Report has pegged the value of India’s bioeconomy in 2024 at more than $165 billion, accounting for over 4.2% of the country’s GDP. Also, the report highlighted ample opportunity for this sector to grow to about $300 billion by 2030, and to $1 trillion by 2047.
What is Bioeconomy?
- Bioeconomy refers to the industrial use of biological resources (plants, animals, and microorganisms), and the replication of natural biological processes in the production of goods and services.
- Bioresources like plants or microorganisms are renewable, relatively cheap, and locally available, while natural processes are more sustainable and eco-friendly.
- A prime example of this is the growing use of ethanol, which is produced through fermentation of crops like sugarcane or corn by microorganisms, as a biological alternative to fuels traditionally derived from hydrocarbons.
Why Bioeconomy Matters for India?
Economic Growth & Jobs:
(a) Expected to contribute $1 trillion by 2047.
(b) The number of companies in the bioeconomy has increased by almost 90% in the last three years.
(c) Nearly half the value of the bioeconomy (roughly $78 billion) was generated in the industrial sector, for the development and use of biofuels and bioplastics.
Food & Agriculture Security:
(a) GM technologies improve yields by 21%.
(b) Biofertilizers enhance soil health.
(c) Also, innovations like golden rice combat micronutrient deficiencies.
Healthcare Access:
(a) Affordable drug and vaccine production (e.g., CERVAVAC – HPV vaccine).
(b) Gene therapy advancements (e.g., Hemophilia A trial).
(c) India supplies 25% of the WHO’s total vaccine volume.
Environmental Benefits:
(a) Promotes circular economy via waste-to-energy technologies.
(b) Reduces reliance on fossil fuels with biogas and ethanol.
(c) Supports biodiversity conservation and eco-restoration (e.g., TERI’s Oilzapper).
Climate Action:
(a) Helps achieve India’s net-zero target by 2070.
(b) Reduces emissions through bio-based alternatives.
Initiatives
- BioSaarthi Mentorship Initiative (2025): BioSaarthi is designed as a six-month cohort facilitating structured mentor-mentee engagements, indeed offering personalized guidance to emerging entrepreneurs in the biotech sector.
- Draft National Biotechnology Development Strategy (2020–25): Targets $150 billion bioeconomy by 2025, focusing on R&D innovation, Industry competitiveness & startup growth.
- Biotechnology Industry Research Assistance Council (BIRAC): Public sector interface to Fund biotech startups.
- National Biopharma Mission: Supports clinical trials, biosimilars, biotherapeutics, and vaccine development.
- PM-JIVAN Yojana: Focus on bioethanol and compressed biogas from agri-waste.
- SATAT & GOBARdhan Schemes: Promotes bio-CNG plants and waste-to-energy models, aligned with rural bioeconomy goals.
- Global Biofuel Alliance (2023): Led by India, the USA, and Brazil to strengthen biofuel supply chains and reduce fossil fuel dependence.
- IP Guidelines (2023): Encourages commercialization of public-funded research.
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Challenges to Address
(a) Fragmented Regulation: Overlaps between agencies delay biotech approvals.
(b) Limited Investment: High risk as well as long return on investment, deters private capital.
(c) IP & Bio-piracy Issues: Weak enforcement hampers innovation as well as indigenous protection.
(d) Weak Industry-Academia Linkages: Limits commercial translation of research.
(e) Import Dependence: On high-end equipment and biotech inputs.
(f) Skill Shortages: Need for trained professionals in genomics, bioinformatics, etc.
(g) Public Perception: Skepticism around GMOs and lab-grown food remains high.
(h) Environmental Risks: Overexploitation of biological resources could harm biodiversity and land use.
Way Ahead
- Strengthen Policy Implementation & Coordination: Ensure effective rollout of the BIO-E3 Policy across all states. Establish a National Bioeconomy Mission to provide centralized coordination. Promote state-level policies aligned with national bioeconomy goals (as Assam has done).
- Boost Investment & Public-Private Partnerships: Create dedicated Bioeconomy Investment Funds. Offer tax incentives and risk-sharing models to attract private capital in high-risk biotech ventures. Scale PPP models in R&D, manufacturing, and skill development.
- Accelerate Regulatory Reforms: Streamline regulatory frameworks through a single-window system (expand BioRRAP). Harmonize biotech approvals across agencies (DBT, FSSAI, GEAC, etc.). Build capacity in biosafety and ethics review boards for faster innovation deployment.
- Foster Research, IP & Innovation Ecosystem: Fast-track IP approvals and set up specialized IP courts for biotech. Strengthen academia-industry linkages through co-development platforms. Encourage applied research in synthetic biology, gene therapy, bioinformatics, etc.
- Expand Biotech Infrastructure & Hubs: Set up Bio-AI Hubs, Biofoundries, and bio-incubation centers in Tier 2/3 cities. Invest in shared testing labs, pilot-scale facilities, and data repositories. Support precision farming zones and bio-industrial parks.
- Empower Startups & Entrepreneurs: Scale initiatives like BioSaarthi for mentorship and global exposure. Strengthen BIRAC schemes for funding, incubation, and early-stage scale-up. Encourage grassroots bio-entrepreneurship and women-led biotech ventures.
- Invest in Skilling & Education: Integrate bioeconomy curricula in universities and skill development missions. Establish Centers of Excellence in genomics, molecular biology, and bio-manufacturing.
- Enhance Global Collaboration: Forge R&D partnerships with biotech leaders like the EU, Japan, USA. Lead international forums like the Global Biofuel Alliance and One Health platforms.
Conclusion
Bioeconomy holds the potential for sustainable growth by harnessing biological resources to address environmental, economic, as well as social challenges. While its potential is vast, challenges like resource scarcity, technological gaps, and policy alignment need to be addressed. So, a collaborative approach involving innovation, strong governance, and sustainable practices is essential to fully realize the bio-economy’s benefits, ensuring a greener and more resilient future. As a result, it will help build a more prosperous, equitable, and sustainable development for current and future generations and achieve the target of Viksit Bharat by 2047.