New Delhi, March 4: According to the government, India’s share in the global chemical sector is projected to increase to 5-6% by 2030, with the sector aiming for a turnover of $1 trillion by 2040.
Union Minister JP Nadda stated that the Bio-Pharma Power Scheme and a budget allocation of ₹13,000 crores for three dedicated chemical parks represent a strategic investment in India’s future.
During a post-budget webinar, he mentioned that by 2035, 40% of the world’s medicines will fall under the biologics category. He highlighted that approximately $300 billion worth of patents will expire by 2030, making this the right time to pivot towards biologics. India is committed to addressing this challenge through the Bio-Pharma Mission, which has a budget of ₹10,000 crores allocated for the next five years.
The minister noted that if India captures just 1% of the global biosimilars market, it could yield an annual opportunity of around ₹2 lakh crores.
He also emphasized the need to strengthen institutions like NIPER by fostering better synergy with talent and skill development. Developing 1,000 clinical trial sites across the country will enhance research capabilities and innovation.
Highlighting the crucial role of the Central Drugs Standard Control Organization (CDSCO) for faster regulatory approvals, the minister stated that this organization will be empowered to support biosimilars and drug fermentation.
Nadda reported that India’s chemical sector currently produces ₹19.4 lakh crores, with a strong position in areas like dyes and agrochemicals, yet its global share stands at only 3%.
Identifying infrastructure as the biggest shortcoming, the minister announced a provision of ₹3,300 crores for developing three world-class chemical parks. These parks will feature plug-and-play utilities, advanced waste treatment systems, integrated logistics, and robust security measures.
These chemical parks are expected to reduce costs by 20-40% through industrial collaboration and promote a circular economy at the design level.
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My name is Narendra Jijhontiya. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including TECHNOLOGY, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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