India’s Bioeconomy to Reach $300 Billion by 2030: Union Minister

India’s bioeconomy is witnessing unprecedented growth, with its valuation skyrocketing from $10 billion in 2014 to $130 billion in 2024, as highlighted by Union Minister Dr. Jitendra Singh. The country’s vast biodiversity and strong research infrastructure position it as a leading player in biotechnology. Government initiatives, including increased funding for research and policy reforms, are accelerating this expansion. With India ranking among the top global biotech hubs, experts predict the bioeconomy to surpass $300 billion by 2030. This growth is further fueled by biotech innovations, agricultural advancements, and a thriving startup ecosystem.

Dr. Singh emphasized that the biotech sector in India experienced explosive growth because its value escalated from $10 billion in 2014 to more than $130 billion during 2024. The bioeconomy sector in India shows strong indications of reaching $300 billion by 2030 based on existing data. The biotech revolution in India continues to surge because of its substantial natural and biodiversity resources according to Dr. Singh. He drew parallels between this development and the IT boom that occurred in the West.

Since 2013-14 until 2025-26 the budget allocation for the Department of Biotechnology (DBT) increased by approximately 130% from ₹1,485 crores to ₹3,447 crores.

Jammu & Kashmir: A Hub for Agricultural Biotechnology

During this presentation Jammu & Kashmir demonstrates exceptional progress through agricultural biotechnology programs including the Aroma Mission and floriculture revolution. The initiatives allowed local farmers to become self-reliant through aromatic plant and flower cultivation that developed new essential oil-based and floriculture markets. The suitable environmental conditions of J&K position it as an excellent area for agricultural developments that rely on biotechnology.

Dr. Singh praised the scientific and economic development achievements of Prime Minister Narendra Modi during his presentation at PBBCON-2025 in Jammu at the International and National Conference "Emerging Innovations in Biochemistry and Biotechnology for Holistic Development of Agriculture".

India’s Biotech Milestones in 2024

• India has reached impressive achievements in biotechnology through stunning advancements across various fields during 2024.

• World’s First HPV Vaccine: A breakthrough in cervical cancer prevention.

• The discovery of Nafithromycin provides a domestically created antibiotic solution to fight antimicrobial resistance.

• Medieval medical science has reached a zenith through Gene Therapy for treating patients with Hemophilia.

• Mission Suraksha Initiative: Led to the development of indigenous DNA-based vaccines during the COVID-19 pandemic, contributing to the world’s largest vaccination drive.

India’s Global Standing in Biotechnology

• The Asia-Pacific region positions India at number three for biomanufacturing which also makes it rank 12th worldwide. 

• Dr. Dr. Singh explained that the recently implemented New BioE3 Policy directs its efforts towards biomanufacturing and bio-foundries to enhance India’s biotech ecosystem capabilities.

• The 2024 budget allocated ₹50000 crores to Anusandhan National Research Foundation (NRF) for increasing private sector participation to 60 percent which will boost deep-tech and biotech startup development. 

• The biotech startup sector of India has seen explosive growth since 2014 when it started with 50 initiatives until today when nearly 9000 such startups exist.

Scientific Achievements and Start-Up Growth

• Throughout his talk Dr. Singh showcased how India emerged as an international force in scientific research combined with entrepreneurial growth:

• The worldwide ranking position of Indian scientists surpasses 5352 researchers who are now part of the top 2 percent.

• The Global Innovation Index position of India shifted from 80th place in 2014 to 39th position in 2024.

• The "Start-Up India, Stand-Up India" program has fostered development of the third-biggest startup environment worldwide.

Conclusion

The event received remarks from SKUAST Vice Chancellor Prof. B.N. Tripathi and Dr. Sharma as the President of National Society of Biochemistry & Biotechnology in Agriculture concerning India's growth through sustained investment in research and biotechnology.