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NITI Aayog Projects India's Bio-Economy at $2.6 Trillion by 2047, Recommends ₹50,000 Crore Bio Fund
NITI Aayog estimates that India's bio-economy could reach $2.6 trillion by 2047. To achieve this, the Commission has recommended establishing a bio-economy development fund of ₹50,000 crore and placing greater emphasis on AI-driven 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.
