According to the NITI Aayog, there is potential for the country’s bio-economy to become much larger than today - going from its present $195 billion value to a whopping $2.6 trillion in 2047. The Commission also projects that the bio-economy will reach around $695 billion in 2035, the period within which many job opportunities can be created.

Essentially, the bio-economy represents an economic system which uses biological materials for production of foods, energy sources, and industrial products. As per the Commission's report, which was issued on Thursday, achieving this potential will require enhanced infrastructure, increased innovations, and improved bio-manufacturing capacities, among others. The report also recommends creation of a special fund for developing the bio-economy.

This fund should have a corpus of at least ₹50,000 crore. In its recommendations, the Commission also emphasized the need to shift focus from traditional bio-research and development to AI-driven research and development. Advancing to the next stage of bio-manufacturing will require close coordination among ministries, departments, industries, startups, and experts.

The benefit of this approach is that India could play a leading role in setting global standards for the bio-economy and create a massive market. The US, China, and several European nations are already striving to advance rapidly in the bio-economy sector. China has formulated a five-year action plan to advance bio-manufacturing.

The commission believes that the bio-industry will be the largest contributor to the bio-economy. The size of the bio-industry is projected to reach $318 billion by 2035 and could expand to $1,195 billion by 2047. The bio-industry encompasses biofuels, biogas, biochemicals, smart proteins, enzymes, biopolymers, carbon capture technology, and bioplastics.

According to the commission, by 2047, the market size in India could reach $857 billion for biopharma, $338 billion for bio-agriculture, and $208 billion for bio-IT and research.

According to the NITI Aayog, there is potential for the country’s bio-economy to become much larger than today - going from its present $195 billion value to a whopping $2.6 trillion in 2047. The Commission also projects that the bio-economy will reach around $695 billion in 2035, the period within which many job opportunities can be created.

Essentially, the bio-economy represents an economic system which uses biological materials for production of foods, energy sources, and industrial products. As per the Commission's report, which was issued on Thursday, achieving this potential will require enhanced infrastructure, increased innovations, and improved bio-manufacturing capacities, among others. The report also recommends creation of a special fund for developing the bio-economy.

This fund should have a corpus of at least ₹50,000 crore. In its recommendations, the Commission also emphasized the need to shift focus from traditional bio-research and development to AI-driven research and development. Advancing to the next stage of bio-manufacturing will require close coordination among ministries, departments, industries, startups, and experts.

The benefit of this approach is that India could play a leading role in setting global standards for the bio-economy and create a massive market. The US, China, and several European nations are already striving to advance rapidly in the bio-economy sector. China has formulated a five-year action plan to advance bio-manufacturing.

The commission believes that the bio-industry will be the largest contributor to the bio-economy. The size of the bio-industry is projected to reach $318 billion by 2035 and could expand to $1,195 billion by 2047. The bio-industry encompasses biofuels, biogas, biochemicals, smart proteins, enzymes, biopolymers, carbon capture technology, and bioplastics.

According to the commission, by 2047, the market size in India could reach $857 billion for biopharma, $338 billion for bio-agriculture, and $208 billion for bio-IT and research.