Bioeconomy
Topic: Sectors of the Indian Economy · NCERT: Beyond NCERT
Meaning
The bioeconomy is economic activity based on biological resources (plants, animals, microbes) and biotechnology (using living cells and their processes to make products). It produces food, materials, energy and medicines in a sustainable way, meaning without using up nature. It spans all three sectors, from growing crops to making vaccines to research services. India's BioE3 policy (2024), which stands for Biotechnology for Economy, Environment and Employment, aims to grow it.
Example
Examples include making biofuel from farm waste, bio-plastics from plant starch, and vaccines grown in cell cultures. India's bioeconomy was about US$165 bn in 2024, and the target is US$300 bn by 2030.