India's Bioeconomy Sector to Reach USD 300 Billion by 2030: NITI Aayog Report
India’s bioeconomy is projected to grow significantly, reaching USD 300 billion by 2030. This growth is driven by advancements in agriculture, forestry, fisheries, and aquaculture, with frontier technologies like climate-resilient seeds and AI enhancing productivity and sustainability. Agricultural transformation is considered central to India’s vision of becoming a developed nation by 2047, promoting rural prosperity and global competitiveness.
According to NITI Aayog, India’s bioeconomy, which encompasses agriculture, forestry, fisheries, and aquaculture, is set to expand to USD 300 billion by 2030. This expansion is part of a broader strategy to transform agriculture using frontier technologies such as climate-resilient seeds and artificial intelligence to boost productivity and sustainability. The report titled 'Reimagining Agriculture: A Roadmap for Frontier Technology Led Transformation' emphasizes that a robust agricultural system is essential for national sovereignty and food security. Supporting diverse farmer needs with tailored solutions aims to ensure agricultural resilience, rural prosperity, and enhanced global competitiveness in agri-tech. The bioeconomy sector is integral to India’s goal of becoming a developed nation by 2047. The growth trajectory includes strong contributions from sub-sectors such as bio-pharma, bio-agriculture, bio-industrial, and bio-services. Driven by government initiatives, technological integration, and a vibrant biotechnology startup ecosystem, India's bioeconomy has rapidly increased from around USD 44 billion in 2019 to over USD 150 billion recently, with projections to surpass USD 300 billion by 2030. This growth supports not only economic gains but also sustainability goals, including reduced carbon footprint, improved health, and energy independence.
