India’s bioeconomy has emerged as one of the country’s fastest-growing innovation engines, crossing the $150-billion milestone ahead of schedule in 2023 and reaching $165.7 billion by the end of 2024, according to data cited by the government. 

In a written reply in the Rajya Sabha on April 2, Union Minister of State (Independent Charge) for Science & Technology, Dr Jitendra Singh said the growth has been powered by a mix of targeted funding, startup incubation, translational research support and policy-led manufacturing initiatives led by the Department of Biotechnology (DBT) and BIRAC.

A major pillar of this expansion has been the creation of a nationwide innovation backbone, with 94 bioincubators spread across 25 states and Union Territories, supporting early-stage biotech startups and academic spinouts. DBT-BIRAC’s funding support now spans the full innovation lifecycle, with grants ranging from Rs 50 lakh to Rs 10.5 crore per startup, helping scale R&D-driven ventures in healthcare, agriculture and industrial biotech.

The government has also sharpened its manufacturing ambition through the BioE3 Policy, which seeks to position India as a global hub for high-performance biomanufacturing across bioplastics, APIs, enzymes, smart proteins, precision biotherapeutics, climate-resilient agriculture and biofuels. This is being reinforced by the newly announced Rs 10,000-crore Biopharma SHAKTI scheme, aimed at strengthening domestic capabilities in advanced pharmaceutical manufacturing over the next five years.

Officials said flagship interventions such as the Rs 1,500-crore National Biopharma Mission, backed jointly by DBT and the World Bank, have already helped accelerate products ranging from vaccines and diagnostics to biologics, medical devices and indigenous MRI systems, strengthening India’s global competitiveness in life sciences. 

With the sector now contributing over 4% to India’s GDP and targeting $300 billion by 2030, the latest policy thrust underscores New Delhi’s intent to turn biotechnology into a core pillar of economic growth, sustainability and export expansion.