India bio economy to reach $300bn by 2030 policy

NEW DELHI: India bio economy has surged 13 times in ten years and is expected to double its current size by 2030, according to Jitendra Singh, Minister for Science and Technology.

He announced the new Biotechnology for Economy, Employment, and Environment (BioE3) policy, which aims to boost this growth. The policy targets expanding the bio economy from over $130 billion in 2024 to $300 billion by 2030.

The BioE3 policy is designed to address global issues like climate change and the depletion of non-renewable resources. It promotes a shift from chemical-based industries to sustainable, bio-based models, develops a circular bio economy, and supports net-zero carbon emissions.

Bioeconomy is a global trend that focuses on using renewable natural resources sustainably, valuing biodiversity, and transforming industries within the planet’s ecological limits. The European Union has been a leader in this area with its “Green Taxonomy,” which certifies sustainable activities.

India’s goal of achieving net-zero carbon emissions by 2070 will require $10 to $15 trillion in new investments. The BioE3 policy is expected to contribute towards this target.

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Last year, India issued its first green bonds, raising 80 billion rupees (about $981 million) to support these environmental objectives.