According to Union Minister Jitendra Singh, the number of biotech companies in India has increased from 50 in 2014 to about 9,000 in the last 10 years.

He explained the hike during an event hosted here by pointing to the bioeconomy’s impressive ten-year development, which has seen it rise from $10 billion in 2014 to over $130 billion in 2024. By 2030, the bio-economy sector is predicted to grow to $300 billion.

Given the current climate crisis, pollution danger, and other issues, this administration has made sustainability a top priority. This is in stark contrast to the period up until ten to fifteen years ago, when India was not given much weight when it came to climatic or environmental problems because people believed that either India was unfamiliar with them or that we were unaware of how severe they were, Dr. Singh said.

In light of the ongoing danger posed by “pollution and the challenges posed by climate change,” the minister said that “sustainability” is a top concern for the administration. He also emphasized India’s goal, which Prime Minister Narendra Modi declared at COP-26 in 2021, to reach a net zero emissions target by 2070.

According to Dr. Singh, the government has launched a number of sustainability-related projects in recent years. This comprises the deep sea mission, the climate change mission, and the Green Hydrogen mission.A significant step toward sustainable development in the face of climate change, non-renewable resource depletion, and unsustainable waste output is the government’s newly announced “BioE3 Policy.”

“The growth of biotech companies is essential to the economy of the future. Through these initiatives, India is leading the global bioplastics revolution and demonstrating to the rest of the world how biotechnology can help create a cleaner, more sustainable future, the minister said.