BIOECONOMY IN KARNATAKA
BIOECONOMY IN KARNATAKA
NEWS – According to recent reports, Karnataka sees a potential compound average growth rate (CAGR) of 19% for its biotech industry, and the state’s ‘bio-economy’ is expected to triple to $100 billion by 2030
FIRST OF ALL, WHAT IS BIOECONOMY?
Bioeconomy refers to the production, utilization, and conservation of biological resources, including plants, animals, and microorganisms, to create sustainable economic growth, improve human well-being, and protect the environment.
Key Components:
- Biomass: Organic matter from living organisms, used for energy, food, and industrial products.
- Biotechnology: Application of biological sciences to develop new products, technologies, and processes.
- Bioindustry: Industries using biological resources and biotechnology to produce goods and services.
- Bioenergy: Energy from biological sources, such as biofuels, biogas, and biomass.
- Bioproducts: Products made from biological resources, including food, feed, pharmaceuticals, and cosmetics.
Principles:
- Sustainability: Balancing economic, social, and environmental needs.
- Innovation: Developing new technologies and products.
- Integration: Connecting bioeconomy sectors and stakeholders.
- Inclusivity: Ensuring benefits for all, particularly rural communities.
Benefits: Job creation + Economic growth + Environmental protection + Improved human health + Food security
Challenges: Sustainable resource management + Regulatory frameworks + Public acceptance + Investment and funding + Global competition
Examples of Bioeconomy in Action: Biofuels from agricultural waste + Biodegradable plastics + Organic farming + Biopharmaceuticals + Sustainable forestry
BIOECONOMY IN KARNATAKA
Karnataka is a leading state in India’s bioeconomy, with a strong presence of biotech companies, research institutions, and a favorable policy environment.
Key sectors:
- Biopharma: Companies like Biocon, AstraZeneca, and Serum Institute of Life Sciences have operations in Karnataka.
- Agri-biotech: Companies like Mahyco and Kaveri Seeds are involved in developing genetically modified crops.
- Bioindustrial: Companies like Praj Industries and Novozymes have set up facilities for bio-based products.
- Biotech startups: Many startups are emerging in areas like synthetic biology, gene editing, and biologics.
Initiatives:
- Karnataka Biotechnology and Information Technology Services (KBITS):
– Promotes biotech industry development
– Provides funding and infrastructure support
- Karnataka Innovation and Technology Society (KITS):
– Fosters innovation and entrepreneurship
– Supports startups and research institutions
- BioNEST:
– Incubator for biotech startups
– Provides funding, mentorship, and infrastructure support
Policy support:
- Karnataka Biotechnology Policy 2017-2022:
– Aims to establish Karnataka as a global biotech hub
– Provides incentives for investment, innovation, and job creation
- Karnataka Startup Policy 2015-2020:
– Supports startups in biotech and other sectors
– Provides funding, mentorship, and infrastructure support
Infrastructure:
- Biotech parks: Bangalore, Mysore, and Dharwad
- Research institutions: Indian Institute of Science (IISc), National Centre for Biological Sciences (NCBS), and University of Agricultural Sciences (UAS)
- Incubators and accelerators: BioNEST, KBITS, and KITS
Karnataka’s bioeconomy is driven by a combination of government support, research institutions, and industry collaboration, making it an attractive destination for biotech companies and startups.
WHAT DID THE REPORT SAY
Current Status
– Karnataka’s BioEconomy posted a growth of $31 billion in 2023, up from $22 billion in 2021
– Accounts for a fifth of India’s BioEconomy
– Attracted over 30% of national investments in the sector in 2023
Growth Projections
– Expected to triple to $100 billion by 2030
– Potential compound average growth rate (CAGR) of 19% for the biotech industry
Key Drivers
– Innovative enterprises and startups
– Influx of capital for research and development (R&D) and commercialization efforts
– Contribution of regional players like Ballari, Belagavi, and Mysore
Emerging Growth Areas
– Chamarajanagar
– Chickballapur
– Koppal
Sector-wise Performance
– BioAgriculture: Consistent performer
– Bt Cotton: Cornerstone of the BioAgri market
– BioPharma & BioManufacturing: Witnessed a boom in development
– BioIndustrial segment: Estimated at $5.1 billion in 2023
Way Forward
– Investments and focus on skill development
– Upcoming 4th iteration of the Biotechnology Policy
