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Globally, industrial biotechnology addresses diverse challenges, fostering environmental conservation, sustainable development, economic growth, and innovation. Currently, there are approximately 20,922 biotech companies worldwide, including 6,653 in the US, reflecting significant growth. The global biotech market is valued at $727.1 billion and is projected to expand at a compound annual growth rate of 7.4% by 2025. In India, industrial biotechnology holds promise, with about 3% of the global market share. The country has the highest number of FDA-approved manufacturing facilities outside the US, totaling 665 plants. This growth is driven by government support and a skilled workforce, with a focus on advancements in bioenergy, bio-based materials, and healthcare. Recent years have witnessed a surge in international demand for Indian vaccines and biopharmaceuticals, positioning the country as a leading hub for contract manufacturing and clinical trials. The country's bioeconomy, valued at $150 billion by 2023, is forecasted to double to $300 billion by 2030. This growth is supported by the government's BIRAC scheme, which has established 60 successful bio-incubation centers, further promoting innovation and entrepreneurship. India's bioeconomy basically consists of four segments: BioIndustrial ($72.6 billion, 48.09%), BioAgri ($12.44 billion, 8.24%), BioPharma ($53.8 billion, 35.65%), and BioServices ($12.1 billion, 8.02%), with biotech start-ups reaching 8,531 in 2023. This comprehensive review highlights the significant potential of industrial biotechnology in India by focusing on technological advancements, policy impacts, and market trends. It provides an overview of the current landscape, challenges, and future opportunities, and offers insights to guide strategic initiatives aimed at advancing the sector.