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The next industrial revolution will be driven by the bioeconomy, marking a significant shift in how industries evolve, particularly through the integration of technology, digital innovation, and biotechnology.
Union Minister Dr Singh emphasised that while the last industrial revolution of the 1990s was primarily IT-driven, the 21st century will witness the rise of the bioeconomy as a key driver of global industrial change. This shift is propelled by technological advancements in biotechnology, which are increasingly intersecting with digital technologies, artificial intelligence (AI), and data analytics to revolutionise industries ranging from healthcare to agriculture.
India, already a significant player in the global biotechnology landscape, ranks 3rd in the Asia-Pacific region and 12th globally in terms of biomanufacturing. The country’s bioeconomy has seen a remarkable 13-fold increase over the last decade, growing from US $ 10 billion in 2014 to over US$ 130 billion in 2024.
The Minister highlighted that India has climbed from 81st place in 2015 to 40th out of 132 economies in the Global Innovation Index, a testament to the country’s progress in fostering a culture of innovation and technological development.
The projection for 2030 is even more ambitious, with the bioeconomy expected to reach $300 billion. This growth is indicative of the broader digital transformation occurring within the biotechnology sector, where AI and machine learning are being leveraged to drive innovation and improve efficiency.
The upcoming Global Bio India 2024 event, scheduled to be held at Pragati Maidan in New Delhi, is set to be the largest biotech event in the country. It will showcase India’s growing bioeconomy, supported by government policies and private sector collaboration. High-level business and technical delegations will have the opportunity to witness firsthand the advancements in biomanufacturing, bioinformatics, and other biotech-related fields, highlighting the role of digital technologies in driving these innovations.
Dr Singh also spoke about the government’s commitment to boosting the bioeconomy, noting that the interim budget mentioned the bioeconomy and biofoundry. This underscores the government’s prioritisation of biotechnology as a critical area for economic growth and technological advancement.
Reflecting on the pandemic, Dr Singh pointed out that the crisis underscored the global importance of biotechnology and the need for rapid innovation in this sector. He noted that the Science, Technology, and Innovation (STI) sector is expected to progress rapidly, particularly with the recent passing of the Anusandhan NRF bill. This bill is set to increase investment and participation from the private sector, which will be crucial in leveraging the knowledge and economic resources necessary to address global challenges.
The biotechnology sector in India has also seen significant entrepreneurial growth, with the valuation of companies in this field reaching ₹75,000 crore (US$ 9 billion)over the past decade. The sector’s potential is further emphasised by the nearly 28,000 proposals currently under evaluation for upscaling. This growth is supported by initiatives like ‘Bio-Nest,’ an incubator for startups that is expected to support more than 120 startups by the end of the financial year.
Dr Singh also highlighted the emergence of new biotechnology products in the vegan category, which are gaining popularity and contributing to the sector’s growth. He emphasised the importance of early industry linkages and the need to overcome scepticism towards private sector participation, which is essential for driving the next wave of innovation in the bioeconomy.
The fusion of biotechnology with digital technologies and AI is set to drive the next industrial revolution, with India poised to be a global leader in this transformation. The upcoming Global Bio India 2024 event will serve as a platform to showcase these advancements and highlight the critical role of technology in shaping the future of the bioeconomy.
