7.4 Government vision and objective for India Bioeconomy

An ambitious goal for India has been articulated by the Union Minister of State (Independent Charge) for Science & Technology; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy, and Space. The nation is poised to achieve a remarkable $150 billion in Bio-Economy by 2025, building upon its impressive performance, which already exceeded $100 billion in 2022 (Venkatesh, 2022).

Government officials emphasize the substantial impact of the ever-expanding Bio-Economy on India’s overall economic landscape. With a 3-5% market share in the global biotechnology industry, India ranks 12th worldwide in biotech and holds the 3rd position in the Asia-Pacific region.