Minister sees $125bn Bioeconomy by 2025 and calls for green financing
Science & Technology Minister Dr Jitendra Singh said Bioeconomy is going to be a hugely lucrative source of livelihood in the times to come as it grows to a US$125 billion business in 2025, but he wants green financing with a larger industrial engagement.
“We look forward to having US$125 billion (Bioeconomy) by 2025, growing from US$80 billion today and US$10 billion in 2014,” he said
“Green Financing with a larger industrial engagement and industry involvement is required right from the beginning because it is my considered view that otherwise you cannot move forward beyond a certain point,” he said.
“Green Economy is going to be the new addition to India’s future growth,” he said during “Green Ribbon Champions” Conclave.
He also pointed out that the industry stake in StartUps and Research & Development ought to be from the very beginning.
Dr Jitendra Singh explained that the Anusandhan National Research Foundation (NRF) will have huge non-government resources. As a result, the demarcation between the Public and Private sector will be bridged and there will be greater synergy for future growth, he said.
“National Research Foundation will also act as a think tank, it has the mandate of even deciding the themes on which the projects have to be undertaken and funded depending on the requirements or the futuristic visions/projections, also (deciding on) the international collaborations,” he said.
The Minister added, “the NRF will have a more scientific approach so that the Innovation doesn’t get lost in the din of times.”
Anusandhan NRF Act was passed by the Parliament in the recent Monsoon session, with a budget of Rs.50,000 crore over five years.
NRF will promote the culture of research and innovation throughout India’s universities, colleges, research institutions, and R&D laboratories and give further impetus to clean energy research in India and Mission Innovation. As much as 70% of its funding will come from non-governmental sources. Fiinews.com
