India Allocates Massive Budget for BioPharma and Chemical Parks

Union Minister of Chemicals and Fertilisers J P Nadda announced a budget provision of ₹13,000 crore for the BioPharma SHAKTI initiative and three dedicated chemical parks, aiming for significant growth in India's chemical sector. The initiative seeks to enhance India’s share in the global chemical market to 5-6% by 2030, with an anticipated turnover of $1 trillion by 2040. The plan will also create opportunities in biosimilars, with a projected global market share translating to ₹2 lakh crore annually. The post-budget webinar emphasized collective effort across government, industry, and academia.

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