Global Bio India 2024: Shaping the Future of India’s Bio Economy
The Global Bio India 2024 conference, recently held in New Delhi, was a platform to highlight India’s growing bio-economy. At the event, the India Bio Economy Report (IBER) 2024 was launched, along with the introduction of 30 innovative biotech startups that represent the future of this industry.
About the Event
- Organizers: The event is organized annually by the Biotechnology Industry Research Assistance Council (BIRAC), a public sector body under the Department of Biotechnology (DBT).
- Collaboration Platform: It serves as a key space for collaboration between governments, startups, research institutions, and international organizations.
BioE3 Policy: Boosting the Biotech Sector
- Policy Highlighted: The recently approved BioE3 Policy (Biotechnology for Economy, Employment, and Environment) was featured during the event.
- Policy Goals: The policy aims to create biomanufacturing facilities, biofoundry clusters, and Bio-AI hubs to further advance the biotech sector.
Read More: Biotechnology For Economy, Environment And Employment 2024 (BioE3 Policy)
India’s Bio Economy Growth
- Report Unveiled: The India Bio Economy Report (IBER) 2024 from DBT and BIRAC highlights the incredible growth of India’s biotech industry.
Key Statistics:
- 2014: The bio-economy was valued at USD 10 billion.
- 2023: It reached USD 151 billion, now contributing 4.25% to India’s GDP of USD 3.55 trillion.
- 2030 Projection: It is expected to grow to USD 300 billion due to rising demand for vaccines and biopharmaceuticals.
Key Biotech Initiatives
- National Biotechnology Development Strategy 2020-25
- National Biopharma Mission
- Biotech-KISAN Scheme
- Atal Jai Anusandhan Biotech Mission
- Biotech Parks
NaBFID Designated as Public Financial Institution
The Indian government, with the RBI, has recognized the National Bank for Financing Infrastructure and Development (NaBFID) as a “public financial institution” under the Companies Act, 2013, boosting infrastructure financing in the country.
Key Points:
- Companies Act, 2013: Governs company operations, replacing parts of the 1956 Act.
- NaBFID’s Role: Established in 2021 to finance long-term infrastructure projects.
- Funding Impact: By Feb 2024, NaBFID sanctioned over Rs 86,804 crore for infrastructure, with half for projects lasting 20-50 years.
Future Goal: Plans to sanction Rs 3 lakh crore by 2026.
Other AIFIs:
- EXIM Bank
- NABARD
- NHB
- SIDBI
India’s Vision For Green Hydrogen Hub
- Global Leader: India aims to lead in green hydrogen production, utilization, and export.
- Government Push: Policies, research, and international collaborations to support the sector.
- Economic Impact: Targeting ₹8 lakh crore investment and creation of 6 lakh jobs.
- Production Target (2030): $100 billion investment and production of 5 million metric tons of green hydrogen.
- National Green Hydrogen Mission: Focus on decarbonizing sectors like refineries, fertilizers, and steel.
- Energy Goal: Achieve 500 GW non-fossil energy capacity by 2030, net-zero emissions by 2070.
Definition of Green Hydrogen
- Production: Made through electrolysis using renewable energy (solar/wind).
- Emission Standard (2023): Green hydrogen must have <2 kg CO2 per kg of H2 (well-to-gate).
- Comparison: Grey hydrogen emits 10 kg CO2 per kg of H2.