iNDICA NEWS BUREAU–
India’s biotechnology industry will be worth $300 billion by 2030, and has experienced eightfold growth in the past eight years, the country’s health minister Mansukh Mandaviya said on Monday. In an online address to the Biotechnology Summit ahead of the Vibrant Gujarat Summit in January 2024, Mandaviya said the industry would reach a valuation of $150 billion by 2025 and $300 billion by 2030.
Mandaviya said biomanufacturing holds the key to a new global industrial revolution, focusing on agrifood, energy, healthcare, and climate change solutions. However, the shortage of qualified manpower remains a challenge, he said, and added how it should prompt efforts to provide necessary training and bridge the skill gap.
The Indian bio-economy surged from $10 billion to $80 billion in just eight years, he said. “India has now set ambitious targets for the biotechnology sector’s expansion,” he said in his address.
India has over 760 established firms and and 4,240 startups in biotechnology, he said. “The country aims to position itself at the forefront of the global biotech revolution.”
Biotechnology secretary Rajesh Gokhale, said he believes the sector’s growth significantly impacts the country’s economy. It was nearly 4% per cent of India’s GDP in 2022, valued at $137.24 billion. He projected this figure will exceed $300 billion by 2030 and surpass $3 trillion by 2047.