Cabinet approves BioE3 (Biotechnology for Economy, Environment and Employment) Policy | Current Affairs | Vision IAS
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Cabinet approves BioE3 (Biotechnology for Economy, Environment and Employment) Policy

Posted 26 Aug 2024

2 min read

BioE3 Policy aims to foster high-performance biomanufacturing and broadly focuses on the six strategic/thematic sectors (refer infographic). 

  • High-performance biomanufacturing is the ability to promote the manufacturing of bio-based products through the integration of advanced biotechnological processes. 

 

Infographic titled "Six Thematic Sectors" displaying six categories: Bio-based chemicals and enzymes, Functional foods and smart proteins, Precision biotherapeutics, Climate resilient agriculture, Carbon capture and its utilisation, and Futuristic marine, and space research.

Salient Features

  • Innovation-driven support to R&D and entrepreneurship.
  • Acceleration of technology development and commercialization by establishing Biomanufacturing & Bio-AI hubs and Bio-foundry.
  • Prioritizing regenerative bio-economy models of green growth.
  • Facilitating the expansion of India's skilled workforce and job creation.

Benefits

  • Further strengthen the Government’s initiatives, such as ‘Net Zero’ carbon economy & ‘Lifestyle for Environment (LiFE)’.
  • Accelerated ‘Green Growth’ by promoting ‘Circular circular bio-economy’ in India. 
  • Policy will foster a future that is more sustainable, innovative, and responsive to global challenges and lays down the bio-vision for Viksit Bharat.

Indian Biotechnology Sector

  • Valued at $151.1 billion in 2023 and is projected to reach  $300 billion by 2030.
  • India, with a 3% share of the global biotechnology industry, is ranked third in Asia and is among the top 12 biotech destinations in the world.
  • Key initiatives include National Biopharma Mission, financial support by Biotechnology Industry Research Assistance Council, etc. 
  • Tags :
  • BioE3 Policy
  • Biotechnology
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