India’s bioeconomy surpassed $150 billion in 2023 and is projected to reach $300 billion by 2030, according to a government announcement on Sunday. Union minister Jitendra Singh inaugurated India’s first demonstration facility for biopolymers in Pune, marking a significant step toward sustainable solutions with the development of indigenously integrated technology for Polylactic Acid (PLA) bioplastic production.
"This is a pivotal moment for India's commitment to sustainability, showcasing our dedication to shifting from fossil-based plastics to eco-friendly alternatives, which is essential for tackling the global plastic pollution crisis," the minister said during the event.
India now holds the 12th rank globally in the biotech sector and is the third largest in the Asia-Pacific region. The country is also the largest vaccine manufacturer and boasts the third largest startup ecosystem. Singh noted that the biotech ecosystem is evolving rapidly, with the establishment of 95 bio-incubators and a sharp rise in biotech startups, which have surged from just 50 in 2014 to more than 8,500 by 2023.
"The remarkable growth of biotech startups is critical for India's future economy," Singh emphasized, pointing out that India is now at the forefront of the global bioplastics movement. This growth highlights the significant role biotechnology can play in fostering a cleaner, more sustainable future.
India has become an attractive destination for global investments, driven by Prime Minister Narendra Modi's vision of creating an Atmanirbhar Bharat (self-reliant India). Singh stressed the importance of industry, academia, and government partnerships in translating innovative ideas into real-world solutions through research and development.
The new manufacturing facility in Pune represents a milestone for India’s bioeconomy. "This facility is a testament to our technological innovation and offers a sustainable way to reduce our environmental footprint," Singh noted, underscoring India’s leadership in sustainable technology development.