BioE3 Policy aims to foster high-performance biomanufacturing and broadly focuses on the six strategic/thematic sectors (refer infographic).
- High-performance biomanufacturing is the ability to promote the manufacturing of bio-based products through the integration of advanced biotechnological processes.
Salient Features
- Innovation-driven support to R&D and entrepreneurship.
- Acceleration of technology development and commercialization by establishing Biomanufacturing & Bio-AI hubs and Bio-foundry.
- Prioritizing regenerative bio-economy models of green growth.
- Facilitating the expansion of India's skilled workforce and job creation.
Benefits
- Further strengthen the Government’s initiatives, such as ‘Net Zero’ carbon economy & ‘Lifestyle for Environment (LiFE)’.
- Accelerated ‘Green Growth’ by promoting ‘Circular circular bio-economy’ in India.
- Policy will foster a future that is more sustainable, innovative, and responsive to global challenges and lays down the bio-vision for Viksit Bharat.
Indian Biotechnology Sector
- Valued at $151.1 billion in 2023 and is projected to reach $300 billion by 2030.
- India, with a 3% share of the global biotechnology industry, is ranked third in Asia and is among the top 12 biotech destinations in the world.
- Key initiatives include National Biopharma Mission, financial support by Biotechnology Industry Research Assistance Council, etc.