"Karnataka Aims for $100 Billion Bio-Economy by 2030"

Karnataka has set an ambitious goal to expand its bio-economy to $100 billion by 2030, according to the Karnataka BioEconomy Report 2024. The plan includes $30 billion from the biopharma sector, $15 billion from the bioagri sector, and $30 billion from the bio-industrial sector.

The state's bio-economy grew from $28 billion in 2022 to $31 billion in 2023. Karnataka attracted over 30% of India's biotech investments last year and contributed 21% to the national bio-economy, trailing only Maharashtra.

Information Technology and Biotechnology Minister Priyank Kharge praised the state's progress, stating, “The bio-economy in Karnataka has seen remarkable growth, driven largely by the innovative spirit of our startups. Their efforts have significantly shaped the future of our bio-economy, and we are committed to supporting and nurturing their initiatives.”

The growth has been led by districts such as Ballari, Belagavi, and Mysuru, with notable contributions from sectors including Bt cotton, biofuels, and pharmaceuticals. Mysuru accounts for 9.04% of the state's bio-economy, while Belagavi, Dakshina Kannada, and Bengaluru Rural each contribute over 4%.

Karnataka now boasts more than 1,000 biotech startups, with 202 new ventures launched in 2023 alone—an average of 17 startups per month. The influx of capital has bolstered research, development, and commercialization efforts, solidifying Karnataka’s position as a leader in the biotech industry.

HBL