The Union Cabinet recently approved the ‘BioE3′ (Biotechnology for Economy, Environment, and Employment) Policy to foster high-performance biomanufacturing in India.
About BioE3 Policy:
- The BioE3 Policy aims to promote high-performance biomanufacturing, which integrates advanced biotechnological processes to create bio-based products, addressing various sectors from medicine to materials.
- The policy emphasises six strategic sectors:
- High-value bio-based chemicals,
- Biopolymers and enzymes,
- Smart proteins and functional foods,
- Precision biotherapeutics,
- Climate-resilient agriculture, and
- Carbon capture and utilization.
- It also extends to marine and space research.
Key Features:
- Innovation and R&D: Supports research, development, and entrepreneurship with a focus on innovation.
- Technology Development: Accelerates the commercialization of new technologies by establishing biomanufacturing hubs, bio-AI hubs, and biofoundries.
- Green Growth: Prioritizes regenerative bioeconomy models to promote sustainable growth.
- Workforce Expansion: Facilitates job creation and the expansion of India’s skilled workforce in biotechnology.
Biotechnology sector of India:
- The Indian biotechnology sector was valued at $151.1 billion in 2023 and is projected to grow to $300 billion by 2030.
- India holds a 3% share of the global biotechnology industry, ranking third in Asia and among the top 12 biotech destinations worldwide.
- Key Initiatives: National Biopharma Mission and financial support from the Biotechnology Industry Research Assistance Council (BIRAC) have played crucial roles in advancing the sector.
Ref: Source
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Frequently Asked Question:
What is the BioE3 Policy?
The BioE3 Policy aims to enhance high-performance biomanufacturing through advanced biotechnology for various sectors including medicine and agriculture
How large is India’s biotechnology sector?
As of 2023, India’s biotechnology sector was valued at $151.1 billion, projected to reach $300 billion by 2030.
What is the global standing of India’s biotechnology sector?
India holds a 3% share of the global biotechnology market, ranking third in Asia and among the top 12 worldwide.