INDIA’S BIOECONOMY

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Context

• Recently, India’s Bioeconomy Report 2022, was released.

What is the Bioeconomy?

• According to the United Nations Food and Agriculture Organisation (FAO), the bioeconomy is "the production, use and conservation of biological resources, including related knowledge, science, technology, and innovation to provide information, products, processes and services to all economic sectors with the aim of moving towards a sustainable economy".

Findings of India’s Bioeconomy Report 2022

• India’s Bioeconomy has reached over 80 billion US Dollars in 2021 recording 14.1% growth over $70.2 billion in 2020.
• Noting the rapid growth in the sector, Bioeconomy is likely to touch 150 billion dollars by 2025 and over 300 billion dollars by 2030.
• The number of Biotech Start-ups in the country have increased from 50 to over 5,300 in the last 10 years, because of the growing enabling ecosystem and prioritization.
• India is among the top 3 in South Asia and top 12 destinations for biotechnology in the world, with approximately 3% share in the global Biotechnology industry. Moreover, India has 2nd highest number of USFDA approved manufacturing plants outside the US.
• India is global leader in the supply of DPT, BCG and measles vaccines and for Covid vaccine also, the nation has demonstrated self-sustenance and also supported several countries.
• While most sectors showed stunted growth or negative growth in the backdrop of Covid challenge, two rounds of lockdowns and global disruptions, the Biotech sector stood out distinctly.
• The biotech sector particularly for vaccines, diagnostics, therapeutics has shown to the world that India can fight global challenges like COVID pandemic from the forefront and contribute with first-in-class and best-in-class solutions not only for itself but for the world.

Bioeconomy 2022 report could not be more apt, as it provides an interim progress report of our journey of Atma Nirbhar Bharat.

The advantages of the Bioeconomy

The bio-economy provides solutions to the main challenges facing humanity today, almost all of which are linked to climate change:

• Ensure food security and reduce hydric stress.
• Sustainable management of natural resources to avoid overexploitation.
• Reduce dependence on fossil fuels and promote renewable energies.
• Develop actions aimed at mitigating and adapting to climate change.
• Create green jobs and maintain productivity and competitiveness.
• Reduce GHG emissions and improve public health.

Closing Remarks

• An appropriate bioeconomic strategy requires the development of an action plan involving local governments, national governments and supranational organisations. In order to promote such a plan, a political framework that promotes multilateralism and enables joint efforts is needed.

• • Increased investment in research, innovation and training. Research on bioeconomy issues and its application tend to be disconnected. To avoid this, public-private partnerships should be promoted.

• • Strengthening policy coordination and engagement. Increasing synergies and coherence between bioeconomy-related policies, initiatives and economic sectors is essential.
  • Improving markets and competitiveness. This consists of providing the knowledge base needed to make the different sectors of the bioeconomy more sustainable, as well as boosting the development of clean energy. 

Bio-industry is all set to boom in the coming years. The solution to our environmental crisis is right in front of us, and corporations have a huge opportunity to make name for themselves in the “Bio era”.

PRACTICE QUESTION Q) Bio-industry is all set to boom in the coming years. The solution to our environmental crisis is right in front of us, and corporations have a huge opportunity to make name for themselves in the “Bio era”. Comment.

https://pib.gov.in/PressReleasePage.aspx?PRID=1842730