Karnataka has set target to triple its Bioeconomy to $100 billion by 2030, positioning itself as a leading global biotechnology destination. The state aims to achieve this by cultivating a dynamic ecosystem that attracts top talent, develops world-class infrastructure, drives cutting-edge research and innovation, fosters international collaboration, entrepreneurship, and inclusive economic growth.
Speaking at the launch of the Karnataka Biotechnology Policy 2024-2029, Karnataka IT/BT Minister Priyank Kharge said, “The remarkable growth of our bioeconomy is driven by the innovative spirit of our start-ups, underscoring our commitment to foster a vibrant ecosystem and creating significant economic opportunities.”
Currently, Karnataka’s bioeconomy is valued between $27 billion and $31 billion is supported by over 1,000 start-ups.
Kharge added that Karnataka is spearheading India’s bioeconomy target of $300 billion by 2030, driving growth with significant investments exceeding $200 million.
The new policy aims to accelerate growth by synergizing with the existing state policies while specifically addressing the biotech sector’s needs, positioning Karnataka as a premier global innovation hub.
The objectives of the policy include facilitating the creation of 300 biotech companies, including 50 innovative firms; generating 30,000 high-quality jobs in biotech by 2029; partnering with over 200 institutions to train 20,000 individuals in specialized skills; supporting biomanufacturing; streamlining biotech regulations; and providing funding and mentorship to early-stage biotech start-ups.