Karnataka Government plans to tap the Central Government’s Production-Linked Incentive (PLI) Scheme to aggressively push for investment in the bio-pharmaceuticals and medical devices sector, said C.N. Ashwath Narayan, Minister for Information Technology-Biotechnology, Higher Education, Science and Technology, on March 22.
Participating in the ‘Bio-economy 2025 and Beyond’ summit organised by ABLE (Association of Bio-economy-led Enterprises), he said the bio-economy of Karnataka, which is currently valued at $24.4 billion contributing 33% of the national share, is on course to achieve $50 billion in terms of value by 2025.
Bio-economy segments such as bio-industrial, comprising bio-renewables, bio-energy, bio-fuels, and green chemicals, are expected to be the next big segment that would drive future growth. said the Minister. The segment has the potential to increase by 4-fold in its contribution to the bio-economy of the State from around $2 billion to around $7 billion, he explained.
