India’s Chemical Sector: Global Share Seen Rising to 5–6% by 2030; $1 Trillion Turnover by 2040

BioPharma Mission: ₹10,000 crore over 5 years; 1% biosimilars share could mean ₹2 lakh crore a year

Referring to India’s rise as the “Pharmacy of the World" on the back of generics, Shri Nadda said the next leap must be in biologics. He highlighted that biologics could account for 40% of medicines globally by 2035, and pointed out that patents worth $300 billion are expected to expire by 2030. Calling this a pivotal window, he said India is committed to meeting the challenge through the BioPharma Mission, backed by a budget allocation of ₹10,000 crore to be utilised over the next five years. He added that even a 1% share in the global biosimilars market could translate into an annual opportunity of ₹2 lakh crore for India.

CDSCO push: faster approvals for biosimilars and fermentation of drugs

The minister also underlined the need to strengthen institutions such as NIPER by linking them more closely with talent and skill development. He said developing 1,000 clinical trial sites across the country would expand research capacity and spur innovation. Stressing the role of the Central Drugs Standard Control Organization (CDSCO) in enabling faster regulatory approvals, he said the organisation will be strengthened to support biosimilars and fermentation of drugs.

Target: 5–6% global chemical share by 2030; $1 trillion turnover by 2040

On the chemicals side, Shri Nadda said India’s chemical sector output stands at ₹19.4 lakh crore and is strong in segments such as dyes and agrochemicals, but its global share remains at 3%. Identifying infrastructure as the key gap, he said ₹3,300 crore has been provided for three world-class chemical parks with plug-and-play utilities, advanced effluent treatment systems, integrated logistics, and built-in safety mechanisms. He said these parks are expected to deliver 20–40% cost reduction through industrial symbiosis and promote a circular economy by design. He outlined an ambitious target to raise India’s global chemical sector share to 5–6% by 2030 and achieve a $1 trillion turnover by 2040.

Collective ownership: Budget 2026-27 announcements need coordinated action

Highlighting the importance of collective ownership, Shri Nadda said sustained economic growth requires active participation and shared responsibility among all stakeholders. He described the webinar as a living example of this approach, reflecting coordinated efforts across sectors and institutions, and called for deeper collaboration across ministries, states, and industry. He appreciated the day’s deliberations and said they were a positive contribution towards realising the Budget 2026-27 announcements.