India is projected to increase its global chemical sector share to 5-6% by 2030 and achieve a $1 trillion turnover by 2040, as per government estimates. Union Minister JP Nadda highlighted the allocation of Rs 13,000 crore for Bio-Pharma SHAKTI and three dedicated Chemical Parks in the country as a strategic investment in India’s future during a post-Budget webinar.
The minister emphasized that by 2035, 40% of medicines worldwide will be biologics, with about $300 billion worth of patents expiring by 2030. India aims to capitalize on this shift towards biologics through the BioPharma Mission, for which a budget of Rs 10,000 crore has been earmarked for the next five years.
Addressing the need to strengthen institutions like NIPER and enhance research capacity, the minister proposed developing 1,000 clinical trial sites across India. He also underlined the importance of the Central Drugs Standard Control Organization (CDSCO) for expediting regulatory approvals, especially for biosimilars and fermentation of drugs.
Despite India’s chemical sector output amounting to Rs 19.4 lakh crore and its strength in segments like dyes and agrochemicals, the country’s global share remains at 3%. To bridge this gap, the government plans to invest Rs 3,300 crore in establishing three world-class chemical parks with advanced infrastructure and facilities to promote industrial symbiosis and a circular economy.
