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- The Biotechnology Industry Research Assistance Council (BIRAC) recently released its “India Bioeconomy Report 2022”.
- Report has been prepared on the basis of data on contribution of biotech sector to the economy.
- As per report, India’s bioeconomy is expected to reach USD 150 billion by 2025 and more than USD 300 billion by 2030.
- In 2021, India’s bioeconomy has touched USD 80 billion, accounting for a growth of 14.1 per cent growth, as compared to USD 70.2 billion in 2020.
- USD 219 million of bioeconomy were generated daily in 2021.
- Three biotech start-ups were set up every day, on an average, in 2021. Thus, 1128 biotech start-ups were set up in 2021.
- Bioeconomy industry spent over USD 1 billion in research and development.
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