India Targets One Trillion Bio Economy By 2047

He outlined policy initiatives, including the BioE3 Policy approved in 2024, and said the sector has expanded rapidly, rising from $10 billion (bn) in 2014 to over $165 billion (bn) today and growing at nearly 18 per cent annually, with a target of $300 billion (bn) by 2030. The minister noted that the number of biotech startups has increased from around fifty to more than 11,000, reflecting an expanding innovation ecosystem and stronger institutional support.

He highlighted research advances such as Genome India, indigenous CAR T therapy and mRNA vaccine platforms, along with India’s first indigenously developed antibiotic and a National Biobank. He noted collaborative space biotechnology work with ISRO and the expansion of nuclear medicine and deep ocean exploration through missions including Samudrayaan. He also pointed to financing measures such as the Anusandhan National Research Foundation with a Rs 500 bn corpus and the Rs one tn Research, Development and Innovation Fund for long-term, low-cost support to deep tech.

He said the National Quantum Mission had met key milestones ahead of schedule and noted the Global Innovation Index rank rose from 81 to 39 alongside a doubling of research and development expenditure over the past decade. He outlined a roadmap with milestones for 2030, 2035, 2040 and 2047 covering scaling of bio manufacturing, operationalisation of the Bharatiya Antariksha Station and advancement of marine biotechnology and carbon-neutral technologies. He urged students, researchers and institutions to lead innovation and research to shape Viksit Bharat 2047 and to help India join the top three global bio economies.