Next Industrial Revolution will be bio-economy driven: Union Minister of Science & Technology | Current Affairs | Vision IAS
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Next Industrial Revolution will be bio-economy driven: Union Minister of Science & Technology

Posted 16 Aug 2024

2 min read

It was highlighted at 4th edition of Global Bio-India 2024.

  • Global Bio-India is a strategic initiative by Department of Biotechnology and its Public Sector Unit, Biotechnology Industry Assistance Research Council (BIRAC).

About Bio-Economy

  • Bio-Economy is knowledge-based production and use of biological resources, processes and methods to provide goods and services in a sustainable manner in all economic sectors.
    • Important sectors are: Bioindustrial, Biopharma, Bioagriculture etc.
  • Bio-Economy Status
    • Grown from $10 billion in 2014 to over $130 billion in 2024.
      • Projection to reach $300 billion by 2030.
    • India ranks 12th globally in terms of bio-manufacturing.

Significance of Bio-Economy

  • Reduces reliance on fossil fuels, decreases greenhouse gas emissions and promotes sustainability.
  • Promote circular economy, minimizing waste and maximizing resource efficiency. E.g. agricultural waste can be converted into biogas
  • Pivotal role in India’s economy, contributing 4% to GDP and employing over 2 million people.
  • Advancements in bio-based technologies can enhance agricultural productivity, pest resistance, food security etc.

Challenges faced by Bio-Economy sector

  • Uncertain regulatory structure and lack of uniform industry standards.
  • Scarce state-of-the-art research centres and insufficient R&D fund allocation.
  • Ethical challenges based on principle of Responsible Research and Innovation. E.g. Genetic modification

Initiatives and Policies to boost Bio-Economy

  • BIRAC plays a crucial role in nurturing biotech innovation ecosystem in India.
    • It has established various industry focused schemes like Biotechnology Ignition Grant Scheme, BioNEST, etc.
  • Policy measures: National Biofuel policy, 2018; National Biopharma Mission, National Mission on Bioeconomy etc.
  • Biological Research Regulatory Approval Portal (BioRRAP) launched as a single gateway for regulatory approval for biological research.
  • Tags :
  • Bioeconomy
  • BIRAC
  • Biological Research Regulatory Approval Portal
  • BioNEST
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