New Delhi, March 21 : India's bioeconomy has witnessed 16-fold rise in the last 10 years -- from $10 billion in 2014 to an impressive $165.7 billion in 2024, the government said on Friday.

This exponential growth is a testament to the government's commitment to fostering biotechnology as a key pillar of India's future economic growth, said Union Minister Dr Jitendra Singh at the BIRAC Foundation Day ceremony in the national capital.

"In just 10 years, India's bio-economy has expanded from a modest $10 billion to $165.7 billion, far surpassing our initial target of $150 billion by 2025," Dr Singh stated, quoting the 'IBER 2025' report.

As per the report, the sector is contributing 4.25 per cent to the overall GDP. The sector has shown a CAGR of 17.9 per cent over the past four years, showcasing India's potential as a global biotech powerhouse.

The minister also unveiled BioSaarthi, a pioneering global mentorship initiative aimed at nurturing biotech startups.

Designed as a six-month cohort, BioSaarthi will facilitate structured mentor-mentee engagements, offering personalised guidance to emerging entrepreneurs in the biotech sector.

The minister emphasised that this initiative will strengthen India's biotech ecosystem by fostering innovation, enhancing industry-academia collaboration, and positioning Indian startups for global success.

The initiative would engage overseas experts, particularly from Indian diaspora as international mentors who would volunteer to give back to the society.

The minister also highlighted the recently approved BIO-E3 Policy 'Biotechnology for Economy, Employment, and Environment ' which aims to accelerate research, innovation, and entrepreneurship in the sector.

Dr Singh also announced that Assam has become the first state to adopt the BioE3 framework, marking a significant step toward pan-India implementation. India's biotech startup ecosystem has grown from just 50 startups a decade ago to over 10,075 now.

India's gross expenditure on research and development (GERD) has more than doubled in the past decade, rising from Rs 60,196 crore in 2013-14 to Rs 1,27,381 crore in 2024.

/IANS