Ahmedabad: India’s biotechnology industry, poised to become the cornerstone of health treatment, has experienced eightfold growth in the past eight years, Union Health Minister Mansukh Mandaviya said on Monday
Addressing the Biotechnology Summit, which was held virtually ahead of the Vibrant Gujarat Summit scheduled for next month, he projected that the industry would reach a valuation of $150 billion by 2025 and $300 billion by 2030.
Mandaviya also highlighted that biomanufacturing holds the key to a global new industrial revolution, focusing on agrifood, energy, healthcare, and climate change solutions. However, the shortage of qualified manpower remains challenging in the biomanufacturing sector, prompting efforts to provide necessary training and bridge the skill gap.
The Indian bio-economy has witnessed growth, surging from $10 billion to $80 billion in just eight years, he said, adding that India has now set ambitious targets for the biotechnology sector’s expansion.
Currently housing over 760 companies and 4,240 startups in biotechnology, the country aims to position itself at the forefront of the global biotech revolution.
Secretary, Department of Biotechnology, Dr. Rajesh Gokhale, said that he believes the biotechnology sector will lead the next global technological revolution. He emphasised that the sector’s growth would significantly impact the country’s economy, with the bioeconomy accounting for approximately 4 per cent of India’s GDP in 2022, valued at $137.24 billion.
He predicted this figure will exceed $300 billion by 2030 and surpass $3 trillion by 2047.
–IANS