Minister of Chemicals and Fertilizers, Jagat Prakash Nadda, stated that the budgetary allocation of 13 thousand crore rupees for BioPharma SHAKTI and three dedicated Chemical Parks is a strategic investment in India's future. Speaking at the post-Budget webinar on the theme "Sustaining and Strengthening Economic Growth," he said that Free Trade Agreements are a gateway to Viksit Bharat (Developed India) and will create new opportunities for Indian industries to expand globally.
The Minister noted that India became the "Pharmacy of the World" through generics and pointed out that 40% of medicines globally will be biologics by 2035. He added that with patents worth 300 billion dollars set to expire by 2030, the time is ripe for India to move towards biologics. Under the BioPharma Mission, 10 thousand crore rupees has been allocated for the next five years.
He further stated that even a one percent share in the global biosimilars market could create an annual opportunity of 2 lakh crore rupees for the country. J.P Nadda emphasized the need to strengthen institutions like NIPER and enhance regulatory capacity through the Central Drugs Standard Control Organization to facilitate faster approvals for biosimilars and drug fermentation. He also highlighted the plan to develop one thousand clinical trial sites across the country to boost research and innovation.
Highlighting the chemical sector, the Minister said that India's output stands at 19.4 lakh crore rupees, accounting for a three percent global share. To address infrastructure gaps, 3 thousand 300 crore rupees has been earmarked for three world-class chemical parks with plug-and-play utilities, advanced effluent treatment systems, integrated logistics, and safety mechanisms. He said that these parks could reduce costs by 20 to 40 percent through industrial symbiosis and promote a circular economy. The government aims to raise India's global chemical sector share to five to six percent by 2030 and achieve a one trillion dollar turnover by 2040.