Union Minister Dr. Jitendra Singh stated that India’s bio-economy is on track to hit $1 trillion by 2047, positioning the country among the top three global bio-economies. Emphasizing a biology-driven economy, he declared the twenty-first century as “India’s century” during an international conference at IIT Roorkee.
India’s technological prowess spans from gene to qubit and from ocean depths to outer space, backed by robust policy reforms, institutional frameworks, and a rapidly expanding innovation ecosystem, as per an official statement quoting the minister. Noteworthy advancements include the National Quantum Mission surpassing milestones ahead of schedule, India’s elevation in critical technology domains globally, and a significant rise in the Global Innovation Index ranking from 81 to 39.
The bio-economy of India has surged from $10 billion in 2014 to over $165 billion presently, growing at an annual rate of nearly 18%, with a target of $300 billion by 2030, Dr. Jitendra Singh revealed. The country has witnessed a substantial increase in biotech startups, soaring from about 50 to over 11,000, according to the Ministry of Science & Technology.
Dr. Jitendra Singh highlighted key initiatives like the Anusandhan National Research Foundation (ANRF) with a corpus of Rs 50,000 crore and the Rs 1 lakh crore Research, Development, and Innovation (RDI) Fund aimed at providing long-term, low-cost financing for deep-tech innovation. He showcased recent scientific breakthroughs, including progress under Genome India, indigenous CAR-T cell therapy, mRNA vaccine platforms, and India’s first homegrown antibiotic.
India’s strides in nuclear medicine for affordable cancer treatment and advancements in deep ocean exploration through initiatives like Samudrayaan were also underscored by Dr. Jitendra Singh.
