India to become one amongst the top 5 Global Bio-manufacturing Hubs by 2025
India is set to become one of the top 5 Global Bio-manufacturing Hubs by 2025, as declared by the Union Minister.
- According to the Science & Technology Minister, biotechnology is slated to play a significant role in the global trade, contributing to India’s overall economy.
GS-03 (Conservation), GS-02 (Government policies and interventions)
- The Indian Bioeconomy has experienced consistent double-digit growth over the last nine years.
- Currently, India is recognized among the top 12 biotechnology destinations worldwide.
- In 2014, India’s bioeconomy was valued at about $10 Billion, a figure that has now surged to $80 Billion.
- Within just 8 to 9 years, it has multiplied 8 times, with an anticipated reach of $300 Billion by 2030.
- The bioeconomy is expected to be a highly rewarding source of livelihood in the future.
- India’s biotechnology sector has undergone significant evolution over the last three decades, contributing substantially to various sectors such as Health, Medicine, Agriculture, Industry, and Bio-Informatics.
- The growth of Biotech StartUps is crucial for India’s future economy. In a span of 8 years, the number of Biotech StartUps has surged from 52 in 2014 to over 6,300 today, marking a remarkable growth of 100 times.
- Every day, three Biotech Start-Ups are being established in India, each aspiring to offer feasible technological solutions.