For India, the journey toward technology sovereignty in this sector represents not only a vision for self-reliance but also an opportunity to establish itself as a global biotech powerhouse.
Economic and Strategic Imperatives
India's pursuit of technology autonomy in biotechnology is driven by both economic and strategic imperatives. Achieving biotech sovereignty will reduce dependency on foreign nations for critical products and technologies, ensuring uninterrupted access to life-saving medicines, sustainable agricultural solutions and advanced industrial applications. This self-reliance is essential for resilience and for safeguarding India's strategic interests in an increasingly competitive global landscape.
A Boost to Growth
Biotechnology sits at the intersection of health care, agriculture and industrial innovation, offering transformative potential across multiple sectors. Indigenous advancements can enhance crop productivity, mitigate the impacts of climate change and drive the development of precision medicines tailored to India's diverse population.
Economically, technology independence enhances India's competitiveness. A strong biotechnology sector can significantly contribute to gross domestic product (GDP), generate high-value employment opportunities and position India as a leader in the global biosciences arena.
In 2023, India's bioeconomy reached $151bn, accounting for 4.25% of the nation's GDP. Projections estimate this will grow to $300bn by 2030 and $500bn by 2047. Emerging fields such as bio-based chemicals, smart proteins, precision biotherapeutics, climate-resilient agriculture, carbon-capture technologies and advanced marine and space research are poised to catalyse growth across industries.
Leveraging Comparative Advantage
This story is from the January 2025 edition of Outlook Business.
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This story is from the January 2025 edition of Outlook Business.
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