Indian bioeconomy likely to reach US$ 100 bn by 2025: Dr Jitendra Singh

Indian bioeconomy likely to reach US$ 100 bn by 2025: Dr Jitendra Singh

Industry should adopt skill, innovation and R&D to be sustainable

  • By ICN Bureau | July 31, 2023

Dr Jitendra Singh, MoS (I/C), Department of Science and Technology, Govt of India emphasized that India has large bio resources, and these resources will be critical for many sectors including CPC (Chemicals and Petrochemicals) sector.

“We have huge bioresources in India and it is exclusive to India only. The two richest resources include the Himalayas which is full of biodiversity, aroma, herbs and the other is oceans with 7,500 kms long coastline which has huge minerals, materials, metals that lie at the bed of the sea and the wealth which no other country has,” he added.

Addressing the Department of Chemicals & Fertilizers and FICCI’s 3rd edition of ‘Global Chemicals & Petrochemicals Manufacturing Hubs in India’, Dr Singh said, “In the last 10 years, the bioeconomy has grown from $10 billion to currently $80 billion and it is expected to reach $100 billion by 2025. We need to now understand the importance of bioeconomy. Biological sources will be key to the petrochemicals sector including bio-based chemicals, biofuels which will result in waste to wealth of circular economy,” he added.

Highlighting the importance of skilling in the CPC sector, Dr Singh stated that the right kind of ecosystem can only be created if each one of us considers himself to be a stakeholder. “Skill, innovation and R&D are at the heart of every new initiative taken by the government. Even the industry needs to adopt these in order to be sustainable and grow,” he added.

The Minister also underscored the need for involving the industry from the beginning for any project or program. It is important aspect for sustainability as the next stage will be focus on sustainable economy as India is working towards achieving the target of net zero by 2070. “We (India) have to live with the global parameters, and we are looking forward to assuming a global role,” noted Dr Singh.

Arun Baroka, Secretary (Chemicals and Petrochemicals), Department of Chemicals & Petrochemicals, Govt of India said that CPC sector is expected to reach $1 trillion by 2040, and it is the building block for the manufacturing sector. We are creating a facilitating environment for industry and a positive eco-system is created by deregulating the sector and supporting through PCPIR schemes, he added.

Atul Kumar Tiwari, Secretary, Ministry of Skill Development and Entrepreneurship, Govt of India said there are new courses which the Ministry is planning to launch for skilling and upskilling. Recycle, repurpose, reuse and Industry 4.0 are a few areas in the CPC sector which require fresh course. He also urged the industry to come forward in identifying the new courses required to support the skilling process including customized training programs, he added.

Shailesh K Pathak, Secretary General, FICCI delivered the vote of thanks.

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