India Pharma Outlook Team | Friday, 03 April 2026
India’s bioeconomy growth is accelerating faster than expected, with the sector reaching USD 165.7 billion by the end of 2024, according to the government.
The Indian bioeconomy growth story crossed the USD 150-billion mark ahead of schedule in 2023, highlighting its rise as a major innovation driver.
In a written reply in the Rajya Sabha on April 2, Jitendra Singh said this expansion is fueled by targeted funding, startup incubation, and policy-backed manufacturing efforts led by the Department of Biotechnology and BIRAC.
Also Read: How Digital Maturity is Powering Pharma's GMP Evolution
A strong nationwide innovation network has been key. India now has 94 bioincubators across 25 states and Union Territories, supporting early-stage biotech startups and academic spinouts. Funding support from DBT-BIRAC spans the full innovation lifecycle, with grants ranging from Rs 50 lakh to Rs 10.5 crore, helping scale ventures in healthcare, agriculture, and industrial biotech.
The government is also pushing manufacturing through the BioE3 Policy, aimed at positioning India as a global hub for high-performance biomanufacturing. Focus areas include bioplastics, APIs, enzymes, smart proteins, precision biotherapeutics, climate-resilient agriculture, and biofuels. This push is backed by the Rs 10,000-crore Biopharma SHAKTI scheme to strengthen advanced pharmaceutical manufacturing over the next five years.
Flagship programs like the Rs 1,500-crore National Biopharma Mission, supported by DBT and the World Bank, have accelerated development of vaccines, diagnostics, biologics, medical devices, and indigenous MRI systems.
With the sector contributing over 4 percent to GDP and targeting USD 300 billion by 2030, Indian bioeconomy growth is set to become a core pillar of economic expansion, sustainability, and exports.
.jpg)
.jpg)
