In a bid to catapult India to the forefront of global bioeconomics, the NITI Aayog has outlined a comprehensive roadmap to scale the country's bioeconomy to a whopping $2.6 trillion by 2047.
India can achieve this ambitious target by scaling its bioeconomy to $691 billion by 2035, creating over 30 million high-value jobs and positioning the country among the world's top three biotechnology powers, according to the report titled 'Roadmap for Building India as a Leading BioEconomy Powerhouse by 2035'.
To achieve this vision, the Aayog has stressed the need for mission-mode national BioMissions to scale priority sectors, empowered committees to drive cross-ministerial coordination, and a strengthened bioscience leadership and talent pipeline.
Furthermore, a Rs 50,000 crore BioEconomy Growth Fund will be established to support innovation, scale-up, infrastructure, and biomanufacturing. The report has also laid out a strategic proposition for India to transition from traditional biological R&D to AI-enabled biotechnology and next-generation biomanufacturing, driven by deeper collaboration across ministries, departments, academia, industry, and startups.
The report warns that early action is crucial for India to not only participate in this transformation but also shape the global rules, markets, and platforms of the biological age - a disruption that could rival or even surpass the impact of artificial intelligence.
As major powers globally are already moving at speed, India must act swiftly to seize this opportunity and position itself as a leader in the bioeconomy sector. By doing so, India can unlock new avenues for economic growth, job creation, and innovation, and establish itself as a major player in the global bioeconomy landscape.
With its unique strengths in biological research, innovation, and entrepreneurship, India is well-equipped to drive this transformation and emerge as a leading bioeconomy powerhouse by 2047. The Aayog's roadmap provides a clear direction for policymakers, industry leaders, and entrepreneurs to work together and create a thriving bioeconomy ecosystem in India.
