Karnataka aims to triple its bio-economy to $100 billion by 2030, with $30 billion coming from the biopharma sector, $15 billion from the bioagri sector, and $30 billion from the bio-industrial sector, according to the Karnataka BioEconomy Report 2024
Karnataka’s bio-economy grew from $28 billion in 2022 to $31 billion in 2023. In 2023, the state attracted over 30 per cent of the biotech investments in India and contributed 21 per cent to the country’s bio-economy, next only to Maharashtra.
“The bio-economy in Karnataka has experienced extraordinary growth, driven in large part by the innovative and entrepreneurial spirit of our startups. Their contribution has been significant in shaping the future of our state’s bio-economy and we are proud to support and nurture their efforts,” said Priyank Kharge, Information Technology and Biotechnology Minister of Karnataka.
The growth is driven primarily by the districts of Ballari, Belagavi, and Mysuru, with significant contributions from sectors such as Bt cotton, biofuels, and pharmaceuticals. Mysuru district accounts for 9.04 per cent of the state’s bio-economy, while Belagavi, Dakshina Kannada, and Bengaluru Rural each contribute over 4 per cent.
Startup ecosystem
The number of biotech startups in Karnataka has exceeded 1,000, with 202 new ventures launched in 2023, averaging 17 startups each month.
The ongoing influx of capital has boosted research, development, and commercialisation efforts, reinforcing Karnataka’s status as a leader in the biotech industry, the report said.