SYLLABUS SECTION: GS II (POLITY AND GOVERNANCE)
WHY IN NEWS INDIAN BIO-ECONOMY?
Recently, Union Minister of State (Independent Charge) Science & Technology has released Indian Bio-economy Report 2022.
MORE DETAILS:
- Bio-economy is define as “an economy where the basic building blocks for materials, chemicals, and energy are derive from renewable biological resources.”.
- Indian Bio-economy has reached over 80 billion US Dollars in 2021 recording 14.1% growth over $70.2 billion in 2020.
- Vaccines, Therapeutics, Diagnostics, Bt Cotton, Bio-Pesticides, Biofuels, Enzymes, etc. are some of the constituents of the bio-economy.
- India is among the top 3 in South Asia and top 12 destinations for biotechnology in the world, with approximately 3% share in the global Biotechnology industry.
KEY FINDINGS:
- India’s Bio-economy has reached over 80 billion US Dollars in 2021 recording 14.1% growth over $70.2 billion in 2020.
- Bio-economy is likely to touch 150 billion dollars by 2025 and over 300 billion dollars by 2030.
- Biotechnology sector has the potential to have cascading multiplier effect on overall economic growth of the country.
- Bio-Agri (Bt Cotton, biopesticides etc.) to double its Bio-Economy contribution from $10.5 billion to $20 billion in 2025.
- The Biotech industry crossed $1 billion in R&D spending
- BIRAC is set up by the Department of Biotechnology (DBT) as an Interface Agency to strengthen and empower the emerging Biotech enterprise to undertake strategic research and innovation.
Read more: UPSC CURRENT AFFAIRS
SOURCE: PIB