Next Industrial Revolution Will Be Bio-economy Driven: Jitendra Singh

Union Minister Jitendra Singh on Wednesday in New Delhi said that the next industrial revolution will be "bio-economy driven". At the curtain raiser ceremony of Global Bio India 2024, the MoS for Science and Technology, Earth Sciences stated that if the last industrial revolution in the 1990s was IT-driven, the next one in the 21st century would be bio-economy driven.

Singh recalled the clarion call of Prime Minister Narendra Modi of ‘Startup India Stand Up India’ which ushered a new revolution in startups related to technology science and innovation, many of them related to the marine economy, space economy and bio-economy.

Singh claimed that India’s bio-economy has grown 13-fold over the last decade, from USD 10 billion in 2014 to over USD 130 billion in 2024, with a projection to reach USD 300 billion by 2030.

Underscoring the impact of biotechnology, he also noted that India has climbed from 81st place in 2015 to 40th out of 132 economies in the Global Innovation Index. The country ranks third in the Asia-Pacific region and 12th globally in terms of biomanufacturing.

The minister highlighted that India ranks third in the Asia-Pacific region and 12th globally in terms of biomanufacturing. He praised the Department of Biotechnology and BIRAC for their efforts in fostering a culture of innovation and supporting companies involved in biotechnology development. He also noted that the significant growth in the bio-economy and related enterprises is a clear indication that the time is ripe for both government and non-government sectors to collaborate in addressing the challenges facing humanity.

Reflecting on the Covid-19 pandemic, Singh acknowledged that while it posed a crisis for many, it also underscored the global importance of biotechnology. He further shared that the Science, Technology, and Innovation (STI) sector is expected to progress rapidly, particularly with the recent passing of the Anusandhan NRF bill, which he introduced in Parliament just before the model code of conduct took effect. 

He remarked that there will be increased investment and participation from the private sector, which, combined with knowledge and economic resources, will be highly beneficial. He also mentioned 'Bio-Nest,' an incubator for startups, which is expected to support more than 120 startups by the end of this financial year.

The minister also cited examples of new biotechnology products in the vegan category that are gaining popularity. He highlighted the significant employment and entrepreneurship potential of the biotech sector, as well as its impact on other industries such as pharmaceuticals, food processing, agriculture, and enterprise.

Singh emphasised the importance of early industry linkages and urged the removal of skepticism towards private sector participation. Meanwhile, Rajesh Gokhale, Secretary of the Department of Biotechnology, noted that companies in the biotechnology sector have achieved a valuation of Rs 75,000 crore over the past 10 years.

Gokhale further highlighted that biotechnology is one of the sunrise sectors, with nearly 28,000 proposals currently being evaluated for upscaling.