Karnataka's Bio-Economy Soars to USD 31 Billion in 2023

Karnataka's bio-economy surged to USD 31 billion in 2023, growing at 10.7% YoY. The state contributed significantly to India’s bio-economy and aims to triple its value by 2030. The Karnataka Bio-economy Report 2024 was unveiled by IT and Biotechnology Minister Priyank Kharge, highlighting ambitious growth plans.

Karnataka's bio-economy reached an impressive USD 31 billion in 2023, growing at a rate of 10.7 per cent from the previous year, according to the Karnataka Bio-economy Report-2024 revealed on Wednesday.

The state accounted for over 30 per cent of national biotech investments in 2023, contributing 21 per cent to India's overall bio-economy. Additionally, the bio-economy represents nearly 10 to 12 per cent of Karnataka’s economy, valued at USD 310 billion.

Information Technology and Biotechnology Minister Priyank Kharge unveiled the report, developed by the Karnataka Innovation and Technology Society (KITS) in collaboration with the Association of Biotechnology Led Enterprises (ABLE). The document outlines the goal to triple the bio-economy to USD 100 billion by 2030, emphasizing bio-pharma, bio-agri, and bio-industrial contributions.

The report also noted a surge in biotech startups in the state, with 202 new ventures launched in 2023. Key regions like Ballari, Belagavi, and Mysore have made significant contributions to various biotech segments. Kharge recognized the role of innovation and entrepreneurship in driving this growth and affirmed the state’s support for these efforts.