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India Bioeconomy Report 2022 (IBER) 2022 released

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India Bioeconomy Report 2022 (IBER) 2022 released

Recently the Biotechnology Industry Research Assistance Council (BIRAC) has released the India Bioeconomy Report (IBER) 2022.

  • Bio-economy is defined as “an economy where the basic building blocks for matter, chemicals and energy are derived from renewable biological resources.”
  • Vaccines, medicine, diagnostics, BT cotton, bio-pesticides, bio-fuels, enzymes etc. are some of the components of the bio-economy.
  • India is one of the top three countries in South Asia and one of the top 12 countries in the world in terms of biotechnology. India accounts for about 3% of the global biotechnology industry.
  • Biotechnology industry provides technology to the bio-economy.
  • Biotechnology has been recognized as a sunshine zone for India. It has a huge impact on the Indian economy.

Key findings of the report-

  • Current Status: India’s bio-economy had exceeded US$ 80 billion in the year 2021. It accounts for 2.8% of the country’s gross domestic product (GDP). The bio-economy is projected to reach US$300 billion by 2030.
  • India can make better progress in the field of vaccines and medicine.
  • The contribution of bio-agriculture (Bt cotton, biopesticides etc.) to the bio-economy is projected to double to $20 billion by the year 2025 from the current $10.5 billion.
  • The research and development expenditure of the biotechnology industry has crossed $1 billion.

BIRAC was established by the Department of Biotechnology (DBT) as an interface agency. It aims to strengthen and empower the emerging biotechnology industry to undertake strategic research and innovation. BIRAC was established by the Department of Biotechnology (DBT) as an interface agency. It aims to strengthen and empower the emerging biotechnology industry to undertake strategic research and innovation.

Initiatives related to Biotechnology:

  • National Biotechnology Development Strategy (2021-2025).
  • The strategy sets an ambitious goal of biotechnology contributing to a “knowledge and innovation driven bio-economy”.
  • Biotechnology Park is being set up.
  • Biotech Ignition Grant call (BIG-NER) has been launched for the North Eastern Region.

Source – The Hindu

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