EDEN IAS

Indian Bio-economy

UPSC CURRENT AFFAIRS | BIOTECHNOLOGY INDUSTRY RESEARCH ASSISTANCE COUNCIL (BIRAC) RELEASES THE INDIAN BIO-ECONOMY REPORT (IBER) 2022 | 25TH JULY | PIB

SYLLABUS SECTION: GS II (POLITY AND GOVERNANCE)

WHY IN NEWS INDIAN BIO-ECONOMY?

Recently, Union Minister of State (Independent Charge) Science & Technology has released Indian Bio-economy Report 2022.

MORE DETAILS:

  • Bio-economy is define as “an economy where the basic building blocks for materials, chemicals, and energy are derive from renewable biological resources.”.
  • Indian Bio-economy has reached over 80 billion US Dollars in 2021 recording 14.1% growth over $70.2 billion in 2020.
  • Vaccines, Therapeutics, Diagnostics, Bt Cotton, Bio-Pesticides, Biofuels, Enzymes, etc. are some of the constituents of the bio-economy.
  • India is among the top 3 in South Asia and top 12 destinations for biotechnology in the world, with approximately 3% share in the global Biotechnology industry.

KEY FINDINGS:

  • India’s Bio-economy has reached over 80 billion US Dollars in 2021 recording 14.1% growth over $70.2 billion in 2020.
  • Bio-economy is likely to touch 150 billion dollars by 2025 and over 300 billion dollars by 2030.
  • Biotechnology sector has the potential to have cascading multiplier effect on overall economic growth of the country.
  • Bio-Agri (Bt Cotton, biopesticides etc.) to double its Bio-Economy contribution from $10.5 billion to $20 billion in 2025.
  • The Biotech industry crossed $1 billion in R&D spending
  • BIRAC is set up by the Department of Biotechnology (DBT) as an Interface Agency to strengthen and empower the emerging Biotech enterprise to undertake strategic research and innovation.

Read more: UPSC CURRENT AFFAIRS

SOURCE: PIB

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