Karnataka aims to triple its BioEconomy to $100 billion (approximately ?8.37 trillion) by 2030, with a strategic plan focusing on strengthening BioPharma, expanding the BioAgri sector, and quadrupling growth in BioIndustrial sectors. This ambitious target highlights the state's commitment to becoming a major hub in the global biotechnology landscape.

According to the 'BioEconomy Report 2024', unveiled by Karnataka's IT Minister Priyank Kharge, the state's BioEconomy grew to $31 billion (around Rs 2.59 trillion) in 2023, marking a 10.7 per cent increase from the previous year. Additionally, the state attracted over 30 per cent of national biotech investments in 2023, contributing 21 per cent to the country’s BioEconomy.

 “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,” said Kharge. The Karnataka BioEconomy Report 2024 was prepared by the Assocation of Biotechnology Led Enterprises (ABLE) for the Government of Karnataka, IT-BT Department.

Karnataka further strives to achieve the set target by focusing on BioPharma contributions to $30 billion, expanding BioAgri to $15 billion, and quadrupling BioIndustrial contributions to $30 billion.

The report reveals that the number of startups in the state has surpassed 1,000, with a notable increase in biotech ventures. In 2023, the state saw an average of 17 biotech startups launching each month, culminating in 202 new biotech enterprises for the year.

Moreover, significant contributions to the BioEconomy have been from various regions ‘Beyond Bengaluru’. Notably, Mysuru district accounts for 9.04 per cent of the total BioEconomy, with other districts such as Belagavi, Dakshina Kannada, and Bengaluru Rural each contributing over 4 per cent. These regional power pockets underscore the diverse and widespread nature of BioEconomy development in the state.

Courtesy: Business Standard

The report reveals that the number of startups in the state has surpassed 1000 with a notable increase in biotech ventures