Karnataka Bio Economy Report details plans to achieve $50 billion revenue by 2025
Karnataka has set a target of raising the state’s Bio-economy share to 50% of the national Bio-economy revenue target of $100 billion by 2025. Currently, the state’s share stands at a little over a third of the national bio-economy revenues at $22.6 billion, according to the Karnataka Bio-Economy Report (KBER).
The government released the KBER 2020 on Friday at the ongoing Bengaluru Tech Summit 2020.
At the national level, the Bio-economy is valued at $62.5 billion and contributed 2.3% to the national GDP in 2019, Kiran Mazumdar-Shaw, Chairperson of Karnataka’s Vision Group of Biotechnology and Biocon Group said.
“Biotechnology is a significant value creator accounting for double-digit share. This fits in with the other trends in Karnataka’s economy with innovative sectors playing a major role,” she said.