India among top-5 global bioeconomies

New Delhi: India’s bioeconomy has experienced significant growth, reaching a valuation of $151 billion by the end of 2023, according to a new report, which said that the surge highlights the bioeconomy’s critical role in national development, contributing 4.25 per cent to the country’s GDP and positioning India among the top-5 global bioeconomies.

The report, prepared by the Biotechnology Industry Research Assistance Council (BIRAC) and the Association of Biotechnology Led Enterprises (ABLE), outlines transformative advances across biotechnology, agricultural innovation, healthcare, and biomanufacturing, driving the sector’s expansion. It was released during a session at the Global Bio-India Summit 2024.

The report said that India’s bioeconomy has experienced significant growth, reaching a valuation of $151 billion by the end of 2023. “This surge highlights the bioeconomy’s critical role in national development, contributing 4.25 per cent to the country’s GDP and positioning India among the top five global bioeconomies,” it said.