Karnataka will tap the Centre’s manufacturing-linked incentive (PLI) scheme to aggressively push for investment in the biopharmaceuticals and medical devices sector, IT/BT Minister C. N. Ashwath Narayan said on Tuesday.
Karnataka’s bio-economy, currently contributing 33% of the national share worth $ 24.4 billion, is on track to reach $ 50 billion by 2025, he said while participating in ‘Bioeconomy 2025 and Beyond’ organized by the Association of Bioeconomy Lead Enterprises.
The bio-industry segment, which includes bio-renewable, bio-energy, bio-fuels and green chemicals, could be the next major component that is expected to drive future growth. The contribution of this segment to the state’s bio-economy is expected to increase 4 times from USD $ 1-2 billion to USD $ 6-7 billion, the minister said.
“The state government plans to attract investment in the bio-agriculture (agriculture and animal husbandry) and bio-industries (enzymes, biofuels, biomass and green chemicals) as well as to expand the share of the bio-economy. In the next few years, research and development services, marine biotech and bioIT and IT services will be the focus areas for the state of Karnataka. ”
Karnataka is the third largest biofuel producer and among the states that reached 9 per cent blending of petrol in 2021, he said, adding that the state’s biotech industry has exceeded $ 180 million in R&D expenditure. A total of 95 biotech start-ups were set up in Karnataka in 2021, an average of about 8 start-ups per month, the minister said.
Karnataka has emerged as the preferred destination for biotech investment in India. Currently, the state hosts about 60% of the country’s biotech companies and employs about 54% of the country’s total biotech workers, he said.
Narayan said the state has about 2.3 lakh doses of the Covid-19 vaccine per day with a total of 86.4 million doses in 2021, and Karnataka’s biotechnology industry is at the forefront of the fight against the epidemic by developing and deploying a variety of anti-virals, diagnostic tests, and vaccine operations. Defence93