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India's Chemical Sector to Capture 5-6% Global Share by 2030, Eyes $1 Trillion

The Indian government projects the country's share in the global chemical sector will rise to 5-6% by 2030, with an ambitious target of achieving a $1 trillion turnover by 2040. Union Minister JP Nadda announced strategic investments, including a Rs 13,000 crore provision for Bio-Pharma SHAKTI and three dedicated chemical parks to address infrastructure gaps. These parks are designed to reduce costs by 20-40% through industrial symbiosis and promote a circular economy. The plan also involves strengthening regulatory bodies and developing 1,000 clinical trial sites to boost innovation and capitalize on expiring patents worth $300 billion by 2030.

Key Points: India's Chemical Sector Share to Hit 5-6% by 2030

  • Global share target of 5-6% by 2030
  • $1 trillion turnover goal by 2040
  • Rs 13,000 crore for Bio-Pharma SHAKTI
  • Three world-class chemical parks planned
  • Focus on biologics and biosimilars
2 min read

India's global chemical sector share to increase to 5-6 pc by 2030

India's chemical industry aims for 5-6% global share by 2030 and $1 trillion turnover by 2040, backed by new parks and a bio-pharma mission.

"A 1 per cent share in the global biosimilars market, could translate into an annual opportunity of Rs 2 lakh crore for India. - JP Nadda"

New Delhi, March 4

India's global chemical sector share is set to increase to 5-6 per cent by 2030 and achieve a $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 $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.

- IANS

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Reader Comments

P
Priya S
Hoping this growth is sustainable and environmentally responsible. Chemical parks must have top-notch effluent treatment as promised. We cannot sacrifice our rivers and soil for industrial growth. The circular economy focus is a good sign.
R
Rohit P
₹2 lakh crore opportunity from just 1% biosimilars market share? That's mind-blowing! This could create so many high-quality jobs for our science and engineering graduates. Strengthening NIPER and CDSCO for faster approvals is key.
S
Sarah B
As someone working in pharma exports, the emphasis on 1,000 clinical trial sites is crucial. It will boost domestic research credibility. Hope the execution matches the vision. The cost reduction from chemical parks sounds promising for competitiveness.
V
Vikram M
Good plan, but my respectful criticism is on timelines. We hear these trillion-dollar targets often. The real test is ground-level implementation and removing bureaucratic hurdles for MSMEs in the chemical sector. Hope it's not just another announcement.
K
Karthik V
From 3% to 5-6% global share is a big jump. The plug-and-play chemical parks with integrated logistics can be a game-changer, especially for Gujarat and Maharashtra industrial corridors. Jai Hind! 🚀

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