Summary:

According to Union Minister Dr. Jitendra Singh, India's bioeconomy is expected to grow to Rs. 92.44 lakh crore (US$1 trillion) by 2047. The industry has risen by around 18% annually, from Rs. 60,000 crore in 2014 to over Rs. 13.95 lakh crore. Future economic growth in the fields of manufacturing, agriculture, and healthcare is anticipated to be fueled by biotechnology. The bio- economy reached around Rs. 18.05 lakh crore by 2025 thanks to policies, research, and more than 11,000 businesses. The BioE3 policy seeks to increase biomanufacturing, innovation, and employment. By 2030, the sector is expected to reach Rs. 27 lakh crore, boosting GDP contribution, sustainability, global competitiveness, investment potential, technological innovation, and India's leadership in bio-economy sectors.

Source: IBEF

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