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BioE3 policy a game changer, will place India as global leader: Jitendra Singh

“The new Bioeconomy policy rolled out by the Modi Govt is set to place India as a global leader in the years to come,' said Singh, while briefing the media
06:50 AM Aug 27, 2024 IST | IANS
bioe3 policy a game changer  will place india as global leader  jitendra singh
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New Delhi, Aug 26: The new BioE3 (Biotechnology for Economy, Environment and Employment) policy is a game changer, and will place India as a global leader, said Dr. Jitendra Singh, Union Minister of State (Independent Charge) for Science and Technology, on Monday.

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The Union Cabinet, chaired by Prime Minister Narendra Modi, on Saturday, approved the BioE3 Policy in a bid to foster high-performance biomanufacturing of the Department of Biotechnology aimed at accelerating India's transition to green growth and a Net Zero carbon economy.

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“The new Bioeconomy policy rolled out by the Modi Govt is set to place India as a global leader in the years to come," said Singh, while briefing the media.

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The ambitious policy will herald “a transformative shift in India's manufacturing sector”, he added, noting it will boost the economy, innovation, jobs, and environmental commitments.

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The Science and Technology Minister said the policy aims to pivot from traditional consumptive practices to high-performance, regenerative biomanufacturing, marking a significant step towards a cleaner, greener, and more prosperous Bharat.

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“India's bio-economy has experienced remarkable growth, skyrocketing from $10 billion in 2014 to over $130 billion in 2024, with projections to reach $300 billion by 2030. This surge reflects India's robust economic growth,” Singh said, adding that it will “position India as a potential leader in the 4th industrial revolution”.

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“The BioE3 Policy is set to accelerate this growth trajectory, making substantial contributions to the 'Make in India' initiative by fostering the development of bio-based products with minimal carbon footprints,” he noted.

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Further, Singh noted that the policy is designed to address critical global challenges such as climate change and depleting non-renewable resources by facilitating the shift from chemical-based industries to sustainable bio-based models; promoting a circular bio-economy; achieving net-zero carbon emissions; and encouraging the development of bio-based products and expanding job creation.

The MoS also mentioned that the policy “will play a vital role in large-scale manufacturing of products like mRNA-based vaccines and proteins”, and that “Bio-AI hubs will drive innovation by integrating AI to analyse large-scale biological data”. This will pave the way for new gene therapies and food processing solutions.

Importantly, it will also “generate substantial employment opportunities, particularly in tier-II and tier-III cities, where bio manufacturing hubs will be set up”.

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