Addressing the 2nd Foundation Day of Biotechnology Research and Innovation Council (BRIC), Minister also revealed plans for 200-acre BRIC Bio-Enterprise Innovation Park in Faridabad.
- BRIC was created in 2023 by Department of Biotechnology (DBT), Ministry of Science and Technology by subsuming 14 Autonomous Institutions.
What is Bioeconomy?
- Meaning: It is the use of renewable biological resources to produce food, energy and industrial goods, which supports sustainability and economic growth.
- Significance: Sustainable solutions to environmental challenges and promote overall societal well-being.
- Status of India’s Bioeconomy
- Significant Growth: $10 billion (2014) to $165.7 billion (2024) with a target of $300 billion by 2030.
- Leading States (2024): Maharashtra followed by Karnataka.
Key Initiatives Promoting Bioeconomy in India
- BioE3 (Biotechnology for Economy, Environment and Employment) Policy: Approved by Union Cabinet in 2024 fostering high-performance biomanufacturing addressing key pillars of economy, environment, and employment.
- National Biopharma Mission (NBM)-Innovate in India (i3): Implemented by BIRAC.
- Co-funded with World Bank ($250 million), it supports over 100 projects and 30 MSMEs.
- Biotechnology Industry Research Assistance Council (BIRAC) is a not-for-profit Section 8, Schedule B, Public Sector Enterprise, under DBT.
- Bioenergy: India achieved 20% ethanol blending (E20) in petrol in 2025, five years ahead of the
