India’s Bioeconomy – Potential, Initiatives, Challenges, and the Road Ahead

India’s Bioeconomy – Potential, Initiatives, Challenges, and the Road Ahead

What is a Bioeconomy? A bioeconomy refers to an economic system that leverages biological resources (plants, animals, microorganisms), processes, and technologies to produce sustainable goods, services, and energy. It spans sectors like agriculture, healthcare, biofuels, bioplastics, waste management, and biotechnology. The goal is to transition from fossil fuel dependency to renewable biological systems, promoting sustainability, circularity, and climate resilience.  India’s Potential in Bioeconomy India’s bioeconomy has grown 8x in 8 years, from $10 billion (2014) to $80 billion (2022) and is projected to hit $300 billion by 2030 (National Biotechnology Development Strategy). Key strengths include:  - Biodiversity : 7-8% of global species, offering vast genetic resources.  - Agricultural Base : World’s largest producer of milk, pulses, and 2nd-largest in fruits/vegetables.  - Biotech Sector : Thriving biopharma, vaccines, and agri-biotech industries (e.g., India supplies 60% of global vac…