India’s bioeconomy has seen an exponential rise under the Prime Minister Narendra Modi government -- from $10 billion in 2014 to $165.7 billion in 2024 -- and aims to reach $300 billion by 2030, Union Minister Dr. Jitendra Singh said on Wednesday.

India is at the right time and in the right place, with a highly enabling political ecosystem to lead the next global biotechnology revolution, he said while addressing the "International Centre for Genetic Engineering and Biotechnology’s (ICGEB) board meeting of governors here

Dr Singh described India as the emerging global biotech destination and said that this is the most appropriate venue for such deliberations at a time when India has much to contribute to the world community.

On the occasion, the minister dedicated India’s first-of-its-kind public funded DST-ICGEB ‘Bio-foundry’. ICGEB has 69 member countries and plays a key role in biotechnology-led sustainable global development through research, training, and technology transfer.

Dr Singh highlighted India's remarkable progress in the biotechnology sector.

He noted that India now ranks 12th globally in biotechnology and holds the third position in the Asia-Pacific region. The country has emerged as the largest vaccine producer in the world and is home to the third largest startup ecosystem globally.

A testament to this growth is the exponential rise in biotech startups, which have surged from just 50 in 2014 to over 10,000 in 2024.

Recalling the success of Mission COVID Suraksha, Dr Singh noted the development of the world’s first DNA-based vaccine. He proudly stated that India gifted these vaccines to the world under the Vaccine Maitri initiative, showcasing its commitment to global health equity.

Dr Singh also mentioned the development of India’s 1st indigenous generation antibiotic for monotherapy in bacterial pneumonia Nafithromycin, backed in part by DBT-BIRAC. He also cited the creation of diagnostic kits for Dengue and HIV.

Emphasising the national importance of biomanufacturing, he lauded the BioE3 Policy, approved by the Union Cabinet in August 2024, as a game-changing step to build a resilient ecosystem for bio-based products and promote high-performance biomanufacturing.