India's bio economy to hit $300 billion by 2030 under new government policy
- 28 Aug 2024
India's bio economy has grown by 13 times in the last decade and is expected to grow more than double its present size by 2030, said Jitendra Singh, the Minister for Science and Technology.
Briefing the media about the Indian Cabinet’s rollout of a new policy of Biotechnology for Economy, Employment and Environment (BioE3), Singh said, “India's bio economy has experienced a remarkable growth, from $10 billion in 2014 to over $130 billion in 2024, with projections to reach $300 billion by 2030.”
He said the BioE3 policy will ignite growth and position India as a potential leader when the next industrial revolution comes.
The new policy is designed to address critical global challenges such as climate change and depleting non-renewable resources.
These challenges are sought to be addressed in the BioE3 initiative by facilitating a shift from chemical-based industries to sustainable bio-based models, developing a circular bio economy, promoting net-zero carbon emissions and encouraging the development of bio-based products.
Bioeconomy is a new global trend based on the sustainable use of renewable natural capital, valuing and investing in biodiversity and redefining landscapes, industries and even cities “within the ecological boundaries of the planet.”
It has been pioneered by the European Union, where it goes by the nomenclature of “Green Taxonomy,” with EU governments certifying sustainable activities.
To achieve its national target of net-zero carbon emissions by 2070, India needs $10 trillion to $15 trillion in new investment, according to multiple government projections. The BioE3 policy is expected to contribute towards this objective.
Last year, India issued its first sovereign green bonds towards the same objective. These bonds raised 80 billion rupees, equivalent to $981.31 million, according to the exchange rate prevailing at that time.
WAM
