OCTOBER, 20249India's bio economy surpassed $150 billion in 2023 and is projected to reach $300 billion by 2030, according to a government announcement on Sunday. Union minister Jitendra Singh inaugurated India's first demonstration facility for biopolymers in Pune, marking a significant step toward sustainable solutions with the development of indigenously integrated technology for Polylactic Acid (PLA) bioplastic production."This is a pivotal moment for India's commitment to sustainability, showcasing our dedication to shifting from fossil-based plastics to eco-friendly alternatives, which is essential for tackling the global plastic pollution crisis," the minister said during the event.India now holds the 12th rank globally in the biotech sector and is the third largest in the Asia-Pacific region. The country is also the largest vaccine manufacturer and boasts the third largest startup ecosystem. Singh noted that the biotech ecosystem is evolving rapidly, with the establishment of 95 bio-incubators and a sharp rise in biotech startups, which have surged from just 50 in 2014 to more than 8,500 by 2023."The remarkable growth of biotech startups is critical for India's future economy," Singh emphasized, pointing out that India is now at the forefront of the global bioplastics movement. This growth highlights the significant role biotechnology can play in fostering a cleaner, more sustainable future.India has become an attractive destination for global investments, driven by Prime Minister Narendra Modi's vision of creating an Atmanirbhar Bharat (self-reliant India). Singh stressed the importance of industry, academia, and government partnerships in translating innovative ideas into real-world solutions through research and development. India and the United States have signed a significant defense agreement worth 34,500 crore (approximately $4 billion) for the acquisition of 31 Predator drones for the Indian armed forces. The deal includes the establishment of a maintenance, repair, and overhaul (MRO) facility in India for these drones manufactured by General Atomics.This procurement will enhance India's surveillance capabilities, especially along its contested border with China, and is part of India's ongoing efforts to strengthen its defense infrastructure. Of the 31 drones, 15 will be allocated to the Indian Navy, while the Indian Air Force and Indian Army will each receive eight drones. These long-range, armed drones will complement the two already leased by the Navy, enhancing its operational reach.The deal received final approval from India's Cabinet Committee on Security (CCS) last week, just before the October 31 deadline set by the U.S. government. Vivek Lall, the CEO of General Atomics Global Corporation, who played a pivotal role in the negotiations, attended the signing ceremony.General Atomics has a partnership with Bharat Forge to produce UAV components in India and has committed to creating a global drone maintenance hub in the country. The company will also support India's indigenous combat drone development program, and the two nations are considering a technology transfer agreement for future collaboration. TOP STORIESINDIA'S FIRST BIOPOLYMER FACILITY NOW OPERATIONALINDIA'S LATEST AGREEMENT WITH USA TO BOLSTER ARMED FORCES' CAPABILITIES
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