Karnataka Aims To Triple Its Bioeconomy To $100 Billion By 2030: Report
Karnataka’s bioeconomy growth in 2023 outpaced the national average.
Karnataka aims to triple its bioeconomy to $100 billion by 2030 by scaling biopharma, bioagri and bioindustry contributions, according to the Karnataka BioEconomy Report 2024.
India’s bioeconomy is forecast to reach $300 billion from the current $151 billion at a compound annual growth rate of 14% by 2020. Karnataka currently accounts for one-fifth of India’s bioeconomy. At the current rate, Karnataka would grow to $70 billion by 2030.
As for Karnataka, the state has the potential to register a 19% CAGR to touch $100 billion by 2030, with its share growing to one-third, the report said.
Achieving this goal requires concerted efforts in scaling biopharma contributions to $30 billion, expanding bioagri to $15 billion, and quadrupling bioindustrial contributions to $30 billion.
Embracing data science, AI, and deep tech innovations will be crucial to maintaining its leadership position, the report by the Karnataka Innovation and Technology Society said.
Priyank Kharge, the Information Technology and Biotechnology Minister of Karnataka, said, “The bioeconomy 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 bioeconomy and we are proud to support and nurture their efforts."
Karnataka’s bioeconomy growth in 2023 outpaced the national average. The state witnessed a surge of 17 biotech startups incorporating every month, totaling 202 new ventures in the year. This entrepreneurial activity contributed $2.58 billion towards Karnataka’s monthly bioeconomy in 2023.
With a 30% share of biotech investments, Karnataka has been a leader in the sector from 2013 to 2023. The state’s share in India’s bioeconomy rose to nearly 21% in 2023, making Karnataka the second-largest contributor after Maharashtra.
The state’s R&D investments surpassed $1.45 billion over the last five years. Karnataka’s bioeconomy has contributed to the state’s overall economic development, accounting for nearly 10% of the gross state domestic product in 2023, according to the report.
