Next Industrial Revolution Will Be Bio-economy Driven: Dr. Jitendra Singh

GG News Bureau
New Delhi, 15th August. Union Minister Dr. Jitendra Singh said on Wednesday that the next industrial revolution would be driven by the bio-economy, while speaking at the Curtain Raiser ceremony for the 4th edition of Global Bio India 2024, held at the National Media Centre in New Delhi.

He emphasized that while the IT sector led the industrial revolution of the 1990s, bioeconomy will be the driving force of the 21st century.

Dr. Singh, who holds multiple key portfolios, including Science and Technology, Earth Sciences, and Space, lauded Prime Minister Narendra Modi’s ‘StartUp India, Stand Up India’ initiative, which has accelerated the growth of technology and innovation startups, especially in marine, space, and bio-economy.

He also noted India’s progress in the biotechnology sector, highlighting that the country ranks third in the Asia-Pacific region and 12th globally in biomanufacturing. Over the past decade, India’s bioeconomy has grown from $10 billion in 2014 to $130 billion in 2024, with aspirations to reach $300 billion by 2030. He added that the sector has supported the national missions of “Make in India” and “Startup India.”

Dr. Singh praised the Department of Biotechnology and its public sector unit, Biotechnology Industry Assistance Research Council (BIRAC), for fostering a culture of innovation and growth. He highlighted the rapid advancements in the biotech sector and its importance in tackling global challenges, especially during the COVID-19 pandemic.

He also referenced the newly passed Anusandhan NRF Bill, which he introduced in Parliament, and the expected surge in private sector investment in biotechnology. Dr. Singh cited the example of ‘Bio-Nest,’ an incubator program, which aims to support over 120 biotech startups by the end of this financial year.

Dr. Rajesh Gokhale, Secretary of the Department of Biotechnology, noted that companies in the biotech sector have reached a valuation of ₹75,000 crore over the past decade, describing biotechnology as a “sunrise sector.” He revealed that nearly 28,000 proposals are being considered for future upscaling.

The Global Bio India 2024, set to be held from September 12-14 at Pragati Maidan, New Delhi, will showcase India’s expanding bioeconomy and provide opportunities for collaboration between government and private sector stakeholders.