New Delhi, August 14: While the last industrial revolution in the 1990s in India was driven by the information and technology (IT) sector, the next in the 21st century will be steered by bio-economy, said Union Minister Dr. Jitendra Singh here on Wednesday. He was speaking at the curtain raiser ceremony of the fourth edition of Global Bio India 2024 at the National Media Centre in the national capital New Delhi.

Singh pointed out that India’s bioeconomy has grown 13-fold in the 10 years -- “from $10 billion in 2014 to over $130 billion in 2024”. It is “projected to reach $300 billion by 2030”, Singh said, adding that “India has climbed from 81st place in 2015 to 40th out of 132 economies in the Global Innovation Index”. PM Narendra Modi Meets Foxconn Chairman Young Liu, Discusses Opportunities in Futuristic Sectors Like AI, Semiconductors and Local Manufacturing.

Union Minister Dr Jitendra Singh at Curtain Raiser Ceremony of Global Bio India 2024 

The Minister of Science and Technology also highlighted that India ranks third in the Asia-Pacific region and 12th globally in terms of biomanufacturing. The significant growth “is a clear indication that the time is ripe for both government and non-government sectors to collaborate in addressing the challenges facing humanity,” Singh said.

Singh further shared that the Science, Technology, and Innovation (STI) sector is expected to progress rapidly, particularly with the recent passing of the Anusandhan NRF bill. He remarked that there will be increased investment and participation from the private sector, which, combined with knowledge and economic resources, will be highly beneficial. He mentioned 'Bio-Nest,' an incubator for startups, which is expected to support more than 120 startups by the end of this financial year.

Further, the Minister also cited examples of new biotechnology products in the vegan category that are gaining popularity. He highlighted the significant employment and entrepreneurship potential of the biotech sector, as well as its impact on other industries such as pharmaceuticals, food processing, agriculture, and enterprise. HaatiApp: North India’s Non-Profit Organisation Aaranyak Launches New Mobile App To Reduce Human-Elephant Conflicts Leading to Deaths.

Singh emphasised that the government's priority is "to empower the nation and its economy, irrespective of political compulsions," the minister said. The Global Bio-India 2024: The largest biotech event in the country will be held from September 12-14 at Pragati Maidan, New Delhi.

(The above story first appeared on LatestLY on Aug 14, 2024 07:18 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).