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India’s global chemical sector share to increase to 5-6% by 2030
India’s global chemical sector share to increase to 5-6% by 2030
Addressing a post-Budget webinar, the minister said that 40 per cent of medicines globally will be biologics by 2035.
New Delhi: India’s global chemical sector share is set to increase to 5-6 per cent by 2030 and achieve a USD 1 trillion turnover by 2040, according to the government.
According to Union Minister JP Nadda, the budgetary provision of Rs 13,000 crore for Bio-Pharma SHAKTI and three dedicated Chemical Parks in the country is a strategic bet on India’s future.
Addressing a post-Budget webinar, the minister said that 40 per cent of medicines globally will be biologics by 2035.
About USD 300 billion worth patents are expiring by 2030. Now is the time to move towards Biologics and India is committed to face the challenge with the BioPharma Mission, said the minister.
A budget of Rs 10,000 crore has been allocated to be utilised over next five-years for this mission.
“A 1 per cent share in the global biosimilars market, could translate into an annual opportunity of Rs 2 lakh crore for India,” he added.
The minister further said that it is essential to strengthen institutions like NIPER by integrating them more closely with talent and skill development.
Developing 1,000 clinical trial sites across the country will enhance research capacity and innovation. Emphasising the role of Central Drugs Standard Control Organization (CDSCO) for faster regulatory approvals, the Minister said the organisation will be strengthened to support biosimilars and fermentation of drugs.
Nadda highlighted that while India’s chemical sector’s output is worth Rs 19.4 lakh crore and is strong in segments like dyes and agrochemicals, its global share remains at 3 per cent.
Identifying infrastructure as the key gap, the Minister said Rs 3,300 crore for three dedicated world-class chemical parks across the country with plug-and-play utilities, advanced effluent treatment systems, integrated logistics, and built-in safety mechanisms would address that gap.
These parks are expected to enable 20-40 per cent cost reduction through industrial symbiosis and promote a circular economy by design.
Source: ZeeNews
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