According to the government, the bioeconomy is viewed as a way to address societal concerns.

India has a target of 300 billion US dollars in bioeconomy by 2030, the government said in Parliament on Thursday.

In a written reply to a question in the Rajya Sabha, Union Minister of State for Science & Technology Jitendra Singh said that India registered a sustained growth in Bioeconomy from USD 44 bilion in 2019 to USD 80.1 billion in 2021.

Bioeconomy is the production, utilization and conservation of biological resources, including related knowledge, science, technology, and innovation, to provide information, products, processes and services across all economic sectors.

According to the Ministry of Science & Technology, the Indian biotech industry is aligned around five major segments: BioPharma, BioAgriculture, BioIndustrial, Bio-energy and combined segment of BioServices comprising of BioIT, CROs, and Research Services.

The Ministry further emphasised that the bioeconomy is viewed as a way to address societal concerns, and the biotech industry, research institutes, and the biotech start-up ecosystem are anticipated to come up with new, innovative solutions.

The Biotechnology Industry Research Assistance Council (BIRAC), which published the India Bio-Economy Report 2022 on Tuesday, also predicted that the country's bioeconomy will likely reach $150 billion by 2025 and $300 billion by 2030.

The country's bioeconomy, according to the research, grew by 14.1% from $70.2 billion in 2020 to over $80 billion in 2021. According to the report, India would add $80.12 billion to the bioeconomy in 2021, producing USD 219 million daily.