It was highlighted at 4th edition of Global Bio-India 2024.
- Global Bio-India is a strategic initiative by Department of Biotechnology and its Public Sector Unit, Biotechnology Industry Assistance Research Council (BIRAC).
About Bio-Economy
- Bio-Economy is knowledge-based production and use of biological resources, processes and methods to provide goods and services in a sustainable manner in all economic sectors.
- Important sectors are: Bioindustrial, Biopharma, Bioagriculture etc.
- Bio-Economy Status
- Grown from $10 billion in 2014 to over $130 billion in 2024.
- Projection to reach $300 billion by 2030.
- India ranks 12th globally in terms of bio-manufacturing.
- Grown from $10 billion in 2014 to over $130 billion in 2024.
Significance of Bio-Economy
- Reduces reliance on fossil fuels, decreases greenhouse gas emissions and promotes sustainability.
- Promote circular economy, minimizing waste and maximizing resource efficiency. E.g. agricultural waste can be converted into biogas
- Pivotal role in India’s economy, contributing 4% to GDP and employing over 2 million people.
- Advancements in bio-based technologies can enhance agricultural productivity, pest resistance, food security etc.
Challenges faced by Bio-Economy sector
- Uncertain regulatory structure and lack of uniform industry standards.
- Scarce state-of-the-art research centres and insufficient R&D fund allocation.
- Ethical challenges based on principle of Responsible Research and Innovation. E.g. Genetic modification
Initiatives and Policies to boost Bio-Economy
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