WHAT IS BIO ECONOMY?

 

As per United Nations Food and Agriculture Organization (FAO) , Bio economics is defined as the production, use and conservation of biological resources including related knowledge, science , technology, and innovation to provide information, products, processes, and services to all economic sectors with the aim of moving towards a sustainable economy.

BACK GROUND

The term bioeconomy became popular in the first decade of the 21st century following its adoption by the European Union and the Organisation for Economic Co-operation and development (OECD) as a framework for promoting the use of bio technology to develop new products and markets.

Examples

• Food systems have the largest niche in the bio economy , which include

1. Sustainable Agriculture.
2. Sustainable Fishing.
3. Forestry and aquaculture.
4. Food and Feed manufacturing.

• Bio based products

1. Bio plastics
2. Biodegradable clothing.

CIRCULAR BIO ECONOMY

Bio economy aims to drive both sustainable development and circularity. In particular , the principles of the circular economy- reuse, repair, and recycle are fundamental part of the bio economy. The total amount of waste and its impact is reduced through reuse ,repair and recycling . It also saves energy and minimizes air and water pollution, thus helping to prevent damage to the environment , climate and bio diversity.

BIO ECONOMY BENEFITS

• Creating Jobs.
• Renewal and modernisation of the industrial fabric.
• Climate mitigation and carbon neutrality.
• Eco system and bio diversity restoration.

INDIA AND BIOECONOMY

• Bio industry, as this sector has got fillip from PMs Atmanirbhar Bharat and India becoming energy independent by 2047.
• Amendments to the national policy on biofuels .
• Decisions to increase biofuel production .
• Introduction of ethanol blended petrol with up to 20% blend from April 2023.
• Bio agri - comprises of Bt cotton, pesticides, marine biotech, and animal bio tech.