New Delhi, Aug 27 : India's bioeconomy sector is set to grow to reach $300 billion by 2030, said Dr. Jitendra Singh, Union Minister of State for Science and Technology, on Wednesday, even as he launched the country's first National Biofoundry Network.

The BioE3 Challenge for Youth -- the country's first National Biofoundry Network -- was launched by Singh at an event in the national capital to mark one year of the BioE3 (Biotechnology for Economy, Environment and Employment) Policy.

The MoS called it a step towards making biotechnology a driver of India's economy, environment, and employment.

'India's bioeconomy has grown from just $10 billion in 2014 to $165.7 billion in 2024, and we are now working towards a target of $300 billion by 2030,' Singh said.

He added that India's biotechnology sector has made rapid strides over the past year under the BioE3 Policy, achieving several key landmarks that are shaping the country's bioeconomy.

The BioE3 Challenge is a nationwide call to young innovators under the theme 'Design Microbes, Molecules & More'.

'The initiative invites school students (Classes 6-12), university students, researchers, faculty, startups, and Indian nationals to design safe-by-default biological solutions addressing challenges in health, agriculture, environment, and industry,' explained Dr. Rajesh Gokhale, Secretary at the Department of Biotechnology (DBT).

The challenge will be announced on the first of every month beginning October 2025, with the top 10 winning solutions each receiving a cash award of Rs 1 lakh along with recognition and mentoring support.

In addition, 100 selected awardees will be eligible for funding of up to Rs 25 lakh, provided in two tranches through BIRAC, to convert their ideas into proof-of-concept solutions.

These projects will also gain access to facilities and incubation support at BRIC+ institutions across India.

The programme aims to empower grassroots innovators, foster youth-led change, and strengthen India's journey towards a sustainable and self-reliant bioeconomy.

The BioE3 Challenge for Youth is anchored in the DESIGN framework, which guides participants to 'Define' real needs, build 'Evidence'-first solutions, ensure 'Sustainability' by design, pursue 'Integration' with other technologies and policies, develop strategies to 'Go-to-market', and create a 'Net-positive' impact through measurable outcomes in jobs, inclusion, and equitable access.

/IANS