Blitz Bureau
NEW DELHI: India’s bioeconomy grew more than $150 billion in 2023 and is expected to reach $300 billion by 2030, the Government said on October 14.
Inaugurating India’s first demonstration facility for biopolymers in Pune, Union Minister Jitendra Singh said this is a pioneering effort in developing indigenously integrated technology for the production of Polylactic Acid (PLA) bioplastic.
“This marks a pivotal development for India’s commitment to sustainable solutions. This demonstrates India’s resolve to transition from fossil-based plastics to eco-friendly alternatives, crucial for addressing the global plastic pollution crisis,” Jitendra told the gathering.
India now ranks 12th in the world in biotech and third in Asia-Pacific.
“We are the largest vaccine manufacturer and the third largest startup ecosystem,” Jitendra said, adding that the biotech ecosystem in the country is emerging at a rapid pace with the setting up of 95 bio-incubators and increasing numbers of biotech startups.
The biotech startups have experienced remarkable growth, increasing from just about 50 in 2014 to over 8,500 in 2023.
“The rise of biotech startups is pivotal for our future economy. These efforts place India at the forefront of the global bioplastics movement, showing the world how biotechnology can contribute to a cleaner, more sustainable future,” said Jitendra.
“This Pune facility symbolises a new chapter for India’s bioeconomy. It showcases our ability to lead in technological innovation and offers a sustainable pathway to reducing environmental impact,” Jitendra noted.
