Context: During a visit to the Institute of Bio-resources and Sustainable Development (IBSD), the Union Minister for Science & Technology has said that the northeast is to be developed as the country’s bio-economic hub.

• Note: Eastern Himalayan Region is one of the mega-biodiversity rich zones and is among the 34 biodiversity Hotspots of the world.

About Bio-Economy

• Bio-Economy is the production, utilization and conservation of biological resources to provide information, products, processes and services across all economic sectors. These resources include biological related knowledge, science, technology and innovation.

Bio-Economy and India

• India’s Bio-Economy, in 2020, is valued at $70.2 billion. This is a 12.32 percent growth over 2019. The Bio-Economy in 2019 was valued at $62.5 Billion in 2019.
• The Bio-Economy’s contribution to the national GDP in 2020 is at 2.7% of the GDP in 2020 
• It is estimated that India’s bio-economy is on its way to achieve a 150-billion dollar target from the current 70 billion dollars by 2025.

What are the government initiatives to boost Bio-Economy?
Biotech KISAN

• It is a scientist-farmer partnership scheme launched in 2017 by the Department of Biotechnology(DBT).
• Aim: To connect science laboratories with the farmers to find out innovative solutions and technologies to be applied at the farm level. 
• Under this scheme, so far 146 Biotech-KISAN Hubs have been established covering all 15 agroclimatic zones and 110 Aspirational Districts in the country.

About Institute of Bioresources and Sustainable Development(IBSD)

• IBSD is an autonomous institute under the Department of Biotechnology (DBT).
• It was set up in 2001 at Imphal, Manipur with an objective to develop and utilize rich bioresources of the North-East Region of the country through the application of modern tools of biology and biotechnology. 

By: Shubham Tiwari