In the ongoing problem of facing environmental challenges, the call for sustainable practices has become more pressing than ever. Nations have started to strive to reduce their carbon footprint and mitigate the adverse effects of industrialization, innovative solutions are imperative. Unfortunately, due to human activities to aim for a developed environment, nature is slowly giving up on humans. The recent initiative on biomanufacturing and bio-foundry presents a significant step towards supporting environment-friendly alternatives. Bio-manufacturing harnesses biological systems to produce valuable substances used in pharmaceuticals, food and beverage processing, and industrial applications.

In Budget 2024, finance minister Nirmala Sitharaman introduced "a new scheme of bio-manufacturing and bio-foundry" and advocated the programme as environment-friendly alternatives such as biodegradable polymers, bioplastics, biopharmaceuticals and bioagri-inputs. The bio-manufacturing and bio-foundry initiative has the potential to bring a dramatic change from our present production methods, which frequently put consumption first, to a more sustainable strategy based on regenerative principles.

The Policy Initiative
The biomanufacturing and bio-foundry initiative is a multi-faceted policy aimed at fostering the development and adoption of sustainable practices in manufacturing and industrial processes. At its core, this initiative seeks to leverage biotechnology and bioengineering to produce goods and materials in a manner that minimizes environmental impact.

Important Elements of the Policy:

1. Research and Development Funding:
A major tenet of the programme is the provision of significant funding for biotechnology and bioengineering research and development. With the help of this funding, scientists and entrepreneurs will be able to develop innovative technologies and procedures that put sustainability first.

2. Creation of Bio-Foundries:
One of the initiative’s main goals is to create bio-foundries, which are specialized buildings with cutting-edge machinery for biomanufacturing. These bio-foundries will act as centres for the study, creation, and manufacturing of bio-based goods, such as renewable energy sources and bioplastics.

3. Collaboration and Partnerships:
The strategy places a strong emphasis on working together amongst public institutions, private businesses and government agencies in order to maximize impact. By encouraging collaborations, the programme hopes to combine resources and knowledge for shared objectives, advancing the area of biomanufacturing.

4. Regulatory Support:
The strategy would incorporate steps to expedite the approval procedures for bio-based goods, acknowledging the necessity for a supportive regulatory framework. Specified rules and regulations will be put in place to guarantee the sustainability, effectiveness, and safety of products made using biotechnology.

Feasibility for Industry in Current Scenario
Professionals in the field have praised this focus on sustainability. India's economy as a whole stand to gain from the potential for biotechnology to play a significant role in international trade and the bioeconomy. Dr. Jitendra Singh, the minister of state for science and technology, declared in November 2023 that "India is poised to be among the top five global bio-manufacturing hubs by 2025." According to Singh, the bioeconomy in India grew from roughly $10 billion in 2014 to $80 billion today, an eight-fold increase, and is predicted to reach $300 billion by 2030. As seen by the finance minister's address, the centre is optimistic about biotechnology's future and how it can advance health, medicine, and agriculture.

Challenges and Opportunities
While the biomanufacturing and bio-foundry initiative holds great promise, it also faces several challenges. These include: technological barriers, market acceptance, infrastructure investment and policy alignment.

Technological Barriers:
Developing sustainable bio-manufacturing processes requires overcoming technical challenges such as scalability, cost-effectiveness and efficiency. Research and development efforts must focus on addressing these barriers to enable widespread adoption of bio-based technologies.

Market Acceptance:
Despite growing awareness of environmental issues, the market for bio-based products remains relatively niche. Efforts to increase consumer awareness and promote the benefits of sustainable alternatives will be crucial for expanding market acceptance.

Infrastructure Investment:
Building the necessary infrastructure for biomanufacturing, including bio-foundries and supporting facilities, will require significant investment. Government funding and private sector participation will be essential to ensure adequate infrastructure development.

Policy Alignment:
The success of the initiative will depend on effective coordination between various government departments and agencies. Ensuring alignment with existing policies and initiatives related to sustainability and innovation will be critical for maximizing impact.

Budget 2024 and Green Growth
Budget 2024 reflects a growing emphasis on green growth and sustainability. Some of the key allocations and policy measures include:

Renewable Energy:
Significant investments have been earmarked for the expansion of renewable energy infrastructure, including solar, wind, and hydroelectric power. This reflects the government's commitment to reducing reliance on fossil fuels and mitigating climate change.
 
Clean Transportation:
The budget includes provisions for promoting electric vehicles (EVs) and sustainable transportation solutions. Incentives such as tax breaks and subsidies aim to accelerate the transition towards greener modes of transport.

Waste Management:
Efforts to improve waste management and promote recycling are also a priority in the budget. Investments in waste-to-energy projects and initiatives to reduce plastic waste underscore the government's commitment to addressing environmental challenges.

Green Infrastructure:
The budget allocates funds for the development of green infrastructure, including eco-friendly buildings and sustainable urban planning initiatives. This reflects a holistic approach to promoting environmental sustainability across various sectors.

As India continues to pursue green growth initiatives, there are several policy implications and recommendations worth considering such as integrated approach, innovation and technology, inclusive development, and enhance the international cooperation. The bio-manufacturing and bio-foundry initiative represents a significant step towards promoting green growth and sustainability. By leveraging biotechnology and bioengineering, this initiative has the potential to revolutionize manufacturing processes and reduce environmental impact. However, realizing this potential will require concerted efforts from governments, businesses and civil society to overcome challenges and seize opportunities. As India and other nations strive towards a more sustainable future, policies that prioritize innovation, collaboration, and inclusivity will be key to success.

Siya Vohra is an alumnus and Dr. Barun Kumar Thakur is Associate Professor, Department of Economics, FLAME University, Pune.  The Views expressed are personal.