'Bio-E3' policy will usher in bio-revolution in India: Jitendra Singh

New Delhi: The government's Bio-E3 policy marks a crucial step in positioning India as a global bio-economy leader and is set to spark a "bio-revolution" in India similar to the IT revolution in the Western world, Union minister Jitendra Singh said on Thursday.

The BioE3 policy was formally launched last month and aims to facilitate sustainable and efficient utilisation of biological resources for innovation, scaling-up and bio-manufacturing of specialty chemicals, enzymes, bio-polymers, functional foods, smart proteins, veterinary products, precision bio-therapeutics and services.

Speaking at the Global Bio-India Summit 2024, Singh, the Minister of State (Independent Charge) for Science and Technology, said the policy marks a crucial step in positioning India as a global bio-economy leader.

Singh highlighted the importance of the Global Biotech platform, which brings together a diverse range of stakeholders, including start ups, SMEs, large industries, research institutes, and international bodies.

Underscoring the wide range of opportunities in sectors like bio-pharma, bio-energy, and bio-industrials, which are rapidly evolving and contributing to the nation's bio-economy, he said the Bio-E3 policy focuses on biotechnology for economy, employment, and the environment.

This policy, he said, is poised to usher in a "bio-revolution" akin to the IT revolution in the Western world, supporting areas such as bio-based chemicals, climate-resilient agriculture, and carbon capture.

Singh said the policy will not only drive innovation but also contribute significantly to India's green transition, supporting the global fight against climate change.

He further outlined the creation of biotech hubs across India, which will foster collaboration between start ups and established companies, bridging the gap between research and commercial manufacturing.

These hubs are expected to generate employment, particularly in tier two and tier three cities, and contribute to regional economic development.

He projected a significant growth trajectory for India's biotech industry, which has expanded from 10 billion dollars in 2014 to 100 billion dollars in 2020, with the expectation that it will reach 300 billion dollars by 2030.

Singh attributed this progress to the government's support under Prime Minister Narendra Modi, which has been instrumental in fostering an environment for biotech innovation.

He lauded the Global Bio-India summit as a unique business networking platform, bringing together stakeholders ranging from start ups and small enterprises to large industries, research institutions, and international bodies.

This platform, he said, has become essential for fostering collaborations and showcasing India's biotech potential.

The minister also highlighted India's dominance in vaccine manufacturing, holding 60 per cent of the global market share, and noted the country's position as the second-largest hub for FDA-approved manufacturing plants outside the United States.

"It is an exciting time to be part of the biotech sector. We are redefining what's possible, and this forum enables us to take these advancements forward," Singh said, urging participants to focus on innovation that improves healthcare accessibility and drives sustainable solutions. Voicing optimism about the future of biotechnology in India, he said, "The best is yet to come."