Key Terms & Concepts — UPSC Mains
Bioeconomy
"Economic activity derived from biological sciences including biotechnology, biopharmaceuticals, biofuels, and bio-agriculture"
Bioeconomy encompasses all economic activities that use biological resources, processes, and principles to produce goods and services. It includes sectors like biopharmaceuticals, agricultural biotechnology, industrial enzymes, biofuels, biomaterials, and bio-based chemicals. India's bioeconomy was valued at $195 billion in 2024, with a target to reach $300 billion by 2030 under the National Biotechnology Development Strategy.
Important for GS3 (S&T, economy, environment). India's pharma sector (world's largest generic drugs supplier) is a major bioeconomy contributor. Links to green economy, circular economy, and Atmanirbhar Bharat.
- 1 India's bioeconomy value — $195 billion (2024), up from $10 billion in 2014
- 2 Target — $300 billion by 2030
- 3 Key sectors — biopharma (60%+), bio-agriculture, bio-industrial, biofuels, bioinformatics
- 4 India — world's largest producer of generic drugs, 20% of global generic supply
- 5 National Biotechnology Development Strategy (2021-25)
- 6 DBT (Department of Biotechnology) — nodal agency under Ministry of Science & Technology
- 7 BIRAC (Biotechnology Industry Research Assistance Council) — funds biotech startups
- 8 Biotech parks — 10+ operational across India
- 9 India's vaccine production — 60% of global vaccine supply
India's bioeconomy grew from $10 billion in 2014 to $195 billion in 2024, driven primarily by the pharmaceutical sector which supplies 20% of the world's generic drugs.