New Delhi sets sights on 5–6 per cent global market share by 2030 and US$1 trillion turnover by 2040, emphasising innovation and biosimilars

India’s chemical industry is poised for a major leap in the coming decade, with the government projecting a rise in its global sector share to 5–6 per cent by 2030 and targeting a US$1 trillion turnover by 2040. The strategy prioritises biologics, biosimilars, and innovation-driven growth, alongside the establishment of advanced chemical infrastructure, reports IANS, a partner of TV BRICS.

Union Minister Jagat Prakash Nadda highlighted that by 2035, 40 per cent of medicines worldwide are expected to be biologics, and India is committed to meeting this issue through dedicated research, regulatory support, and infrastructure development.

The plan includes developing 1,000 clinical trial sites nationwide to boost research capacity while strengthening national institutions to ensure faster approvals and greater innovation. Three new world-class chemical parks will address infrastructural gaps, integrating plug-and-play utilities, advanced effluent treatment, and circular economy principles, potentially reducing operational costs by up to 40 per cent.

Experts note that even a 1 per cent share of the global biosimilars market could translate into an annual opportunity worth approximately US$22 billion.

This strategic focus on high-value biologics and biosimilars, combined with advanced infrastructure and regulatory support, signals India’s ambition to transform from a domestic sector into a leading global player in chemicals and pharmaceuticals.

African Times published this article in partnership with International Media Network TV BRICS