Aligning Bio Economy with SDG’s 2030: A Special Reference to India

Abstract

India's bioeconomy has significantly impacted its economy, promoting resilience and sustainable growth in critical sectors like healthcare and agriculture. The bioeconomy, defined by the production, use, conservation, and regeneration of biological resources, as well as associated knowledge, research, technology, and innovation, are all handled by the Food and Agriculture Organization (FAO). Over the past ten years, India's bioeconomy has expanded dramatically, rising from $10 billion in 2014 to $165.7 billion in 2024. This growth is driven by the integration of biotechnology with digital technologies and the circular economy concepts. By 2030, India's bio economy is predicted to grow to $300 billion, becoming a knowledge-based, bio enabled economy. The bio economy generates new companies, industries, and employment opportunities in agriculture and pharmaceuticals, enhancing food security, creating nutrient-dense crops, and making healthcare more affordable and accessible. By 2030, it is expected to generate 35 million jobs in bio-manufacturing centers and create a thriving startup ecosystem. India is also one of the world's largest providers of inexpensive medications and vaccines, with 25% of the World Health Organization's total vaccine purchases coming from Indian firms.  The current study is to explore the projected trend in the Bio Economy of India and to assess the opportunities and challenges. On the other hand, to see at what extent the BioE3 policy would align with SDG Goals. Hopefully the BioE3 Policy would tackle climate change, promote sustainable agriculture, and advance the circular economy in India, focusing on key sectors and innovative research to create a circular bioeconomy.