Karnataka aims to become a $50 billion bioeconomy, comprising bio-technology and life sciences sectors, by 2025. The value of the market in the state currently stands at $22.6 billion. The state government on Friday released the first draft of the Bioeconomy Report 2020 at the Bengaluru Tech Summit, outlining achievements, and targets for the next five years.
“We are aiming higher and our government has set a challenging task of more than doubling the value of BioEconomy in the next five years,” said C.N. Ashwath Narayan, deputy chief minister of Karnataka and minister for electronics, IT, BT & S&T. He said the state aims to contribute over 50 per cent of the country’s bioeconomy revenue target of $100 billion by 2025.
Home to over 300 biotechnology and life sciences companies, Karnataka has registered an estimated 15% growth over the last two years and accounts for one-third of India’s biotechnology exports. The size of the bio-technology sector in the state rose to $19.3 billion in 2019 from $16.8 billion in 2018, as per official data. The sector accounts for 10.3% of Karnataka’s gross state domestic product of $221.82 billion, the government said. The focus on biotechnology has sharpened in the wake of the covid-19 pandemic. There has also been an emphasis on the convergence of information technology and biotechnology for the delivery of the covid-19 vaccines, which is expected to be available for public use by mid-next year. Karnataka has also released a biotechnology policy (2017-2022).
The state government has started work on a life-sciences park in Bengaluru to help create an integrated biotechnology ecosystem in Karnataka and leverage its potential to attract investments, promote innovation, and generate jobs in the city and state. The nine million-square-foot park will be set up across 52.27 acres at a cost of Rs 5,000 crore.