Bioeconomy to drive next industrial revolution: Jitendra Singh

The next industrial revolution will be driven by bioeconomy and India is gearing up to play a key role by supporting companies involved in the biotechnology sector, Science and Technology Minister Jitendra Singh said here on Wednesday.

He said India will host Global Bio-India 2024, a mega international event for the biotechnology sector, from September 12-14 that will bring together more than 5,000 participants, including business leaders, to witness the strides taken by the country in the sector.

"If the last industrial revolution in the 1990s was IT-driven, the next one in the 21st century will be bioeconomy driven," Singh said. The fourth edition of Global Bio-India is a strategic initiative by the Department of Biotechnology and the Biotechnology Industry Assistance Research Council (BIRAC) to position India's biotechnology sector globally.

Singh said the government's priority was to boost the biotech sector, and highlighted the announcements in the interim budget related to bioeconomy and bio foundry – topics typically avoided by governments during election years.

"Our priority is to empower the nation and its economy, irrespective of political compulsions," the minister said. Singh said India's bioeconomy has grown 13-fold over the last decade, from USD 10 billion in 2014 to more than USD 130 billion in 2024, and is projected to reach USD 300 billion by 2030.

Singh said there will be increased investments and participation from the private sector, which combined with knowledge and economic resources, will be highly beneficial.