In her speech for the 2024-2025 Budget, Finance Minister Nirmala Sitharaman spoke of “a new scheme of bio-manufacturing and bio-foundry” to provide “environment-friendly alternatives such as biodegradable polymers, bio-plastics, bio-pharmaceuticals and bio-agri-inputs”.
The announcement is part of a bid to have the bio-economy contribute $300 billion to the Indian economy by 2030, representing a jump of around ₹18 lakh crore in value from current levels, and $1 trillion by 2047. The products of the bio-economy also play key roles in India’s sustainability and ‘green’ economy targets.
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