INDIA’S BIOECONOMY POLICY: A GLOBAL VISION

Why in the News?

India’s new Bioeconomy coverage aims to put the u . S . As a global chief in biotechnology, with fast quarter increase and formidable targets, drawing international popularity for its improvements.

source:cgwall

Global Leadership and Recognition:

  • Union Minister Dr. Jitendra Singh emphasized that India is becoming a Global Biotech Powerhouse underneath Prime Minister Narendra Modi’s
  • The Prime Minister is anticipated to be recognized globally for spearheading this biotech growth.

Infrastructure and Employment:

  • The established order of biomanufacturing hubs and Bio-AI hubs can be primary to scaling up production and commercialization of bio-primarily based merchandise.
  • These hubs will foster collaboration among startups, SMEs, and established producers, riding innovation and huge-scale manufacturing.
  • The coverage is predicted to generate good sized employment opportunities, particularly in tier-II and tier-III towns, contributing to nearby economic development and supporting India’s vision of a ‘Viksit Bharat’ (Developed India).

Bio-E3 Policy: A Game Changer

  • Singh highlighted that the Bio-E3 Policy may be a transformative initiative for India’s biotechnology area.
  • The policy is predicted to be a widespread motive force of India’s future financial and technological advancements, cementing its place on the sector degree.

 

BioE3 Policy Highlights:

  • Strategic Sectors: Focuses on Bio-based chemical compounds, Smart proteins, Precision biotherapeutics, Climate-resilient agriculture, Carbon seize, and Futuristic marine and space studies.

Key Features:

  • Supports innovation-pushed R&D and enterpreneurship
  • Establishes Biomanufacturing & Bio AI hubs
  • Prioritises regenerative bio-financial system and inexperienced boom.

Benefits:

  • Strengthens tasks like ‘Net Zero’ and ‘LiFE.’
  • Promotes a sustainable and modern bio-economic system.
  • Biotechnology Sector:
  • Valued at $151.1 billion in 2023; projected to reach $three hundred billion by way of 2030.
  • India ranks third in Asia in biotechnology.