Next Industrial Revolution to be Bioeconomy Driven, Says Union Minister Dr. Jitendra Singh

New Delhi: Union Minister Dr. Jitendra Singh, during the Curtain Raiser ceremony of the 4th edition of Global Bio India 2024 at the National Media Centre, New Delhi, declared that the next industrial revolution will be driven by the bioeconomy. He emphasized that while the last industrial revolution in the 1990s was propelled by information technology, the upcoming wave in the 21st century will be centered on biotechnology and its related sectors.

Dr. Singh, who holds multiple portfolios including Science and Technology, Earth Sciences, and is also Minister of State in the Prime Minister’s Office, highlighted the transformative impact of the Prime Minister’s ‘StartUp India Stand Up India’ initiative. He pointed out that this initiative has sparked a revolution in startups, particularly in fields such as marine economy, space economy, and bioeconomy.

The Global Bio-India event, set to be held from September 12-14, 2024, at Pragati Maidan in New Delhi, is the largest biotech event in the country. It is a strategic initiative by the Department of Biotechnology and its Public Sector Unit, Biotechnology Industry Assistance Research Council (BIRAC). The event aims to position India’s biotechnology sector on the global stage, showcasing the nation’s growing bioeconomy and the government’s support for the industry.

During the ceremony, Dr. Singh underscored the government’s commitment to boosting the bioeconomy, even highlighting its mention in the interim budget—a rarity in election years. He stressed that the government’s focus is on empowering the nation’s economy beyond political considerations.

The Union Minister also pointed out the rapid growth of India’s bioeconomy, which has expanded 13-fold over the past decade—from $10 billion in 2014 to over $130 billion in 2024, with projections to reach $300 billion by 2030. Additionally, he noted India’s rise in the Global Innovation Index, moving from 81st place in 2015 to 40th out of 132 economies.

Dr. Singh praised India’s ranking as 3rd in the Asia-Pacific region and 12th globally in biomanufacturing. He lauded the efforts of the Department of Biotechnology and BIRAC in fostering innovation and supporting biotech companies. He further highlighted the significance of biotechnology during the COVID-19 pandemic and expressed optimism about the future of the Science, Technology, and Innovation (STI) sector, particularly following the recent passing of the Anusandhan NRF bill.

The Minister also discussed the potential of biotech products, including those in the vegan category, and emphasized the sector’s capacity to generate employment and entrepreneurship opportunities. He urged for stronger early industry linkages and called for greater participation from the private sector to address global challenges.

Dr. Rajesh Gokhale, Secretary of the Department of Biotechnology, also spoke at the event, noting the impressive growth in the biotechnology sector, with companies achieving a valuation of ₹75,000 crore over the past decade. He described biotechnology as a sunrise sector, with nearly 28,000 proposals currently under evaluation for upscaling.