Karnataka’s bio-economy reaches USD 31 billion, to triple its bio-economy by 2030: Report

Karnataka’s bio-economy reached USD 31 billion in 2023 and is growing at 10.7 per cent from USD 28 billion in 2022, said the Karnataka Bio-economy Report-2024, which was unveiled on Wednesday. The state attracted over 30 per cent of national biotech investments in 2023, contributing 21 per cent to India’s bio-economy. Also, it contributes nearly 10 to 12 per cent of Karnataka’s economy of USD 310 billion, the report said. Information Technology and Biotechnology Minister Priyank Kharge unveiled the Karnataka Bio-economy Report 2024, which was brought out by the Karnataka Innovation and Technology Society (KITS) of the state government in collaboration with the Association of Biotechnology Led Enterprises (ABLE).

The report lays ambitious plans to triple the bio-economy to USD 100 billion by 2030, focusing on bio-pharma contributions to USD 30 billion, expanding bio-agri to USD 15 billion, and quadrupling bio-industrial contributions to USD 30 billion.

According to the report, the state witnessed a surge of 17 biotech startups incorporating every month, totaling 202 new biotech ventures alone for the year 2023. Ballari, Belagavi, and Mysore have notable contributions to various segments like Bt cotton, biofuels, and pharma, the report said. It added that Belagavi, Dakshina Kannada, and Bengaluru Rural, also make notable contributions, each accounting for over four per cent of the total bio-economy.

Speaking on the occasion, Kharge said, “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, he added.