Union Finance Minister Nirmala Sitharaman on Sunday announced a major boost for India’s healthcare and life sciences sector, unveiling a ₹10,000 crore Biopharma Shakti scheme in the Union Budget 2026-27. The initiative is aimed at transforming India into a global hub for bio-pharmaceutical and biosimilar products, strengthening domestic manufacturing and innovation capabilities.
Presenting the Budget in Parliament, Sitharaman said the Biopharma Shakti scheme will focus on building a comprehensive ecosystem for biopharma development. The programme will support research and development, scale up manufacturing capacity, encourage innovation, and improve India’s integration with global pharmaceutical supply chains. The move is expected to reduce import dependence while enhancing India’s competitiveness in advanced healthcare products.
The Finance Minister said the government has proposed targeted interventions across six key sectors as part of its broader economic strategy. These include manufacturing, strategic sectors, frontier and emerging areas, healthcare, advanced technology, and the development of city economic regions. The biopharma initiative forms a critical pillar of this approach, especially in areas such as biosimilars, where India already has strong technical expertise.
Sitharaman also announced plans to scale up manufacturing in strategic and frontier sectors, alongside efforts to develop city economic regions that can act as growth engines for industry, infrastructure, and employment. These regions are expected to attract investment and promote integrated industrial development.
In her opening remarks, the Finance Minister highlighted the government’s economic record since coming to power, stating that India’s growth trajectory has been defined by stability, fiscal discipline, sustained expansion, and moderate inflation. She said that under the leadership of Prime Minister Narendra Modi, the government has consistently prioritised action over hesitation and reform over rhetoric.
Sitharaman reiterated that Atmanirbharta, or self-reliance, remains the guiding principle of the government’s economic policies. She added that India’s future growth strategy will balance ambition with inclusion, ensuring that economic progress is broad-based and sustainable.
The announcement of the Biopharma Shakti scheme is being seen as a significant step towards strengthening India’s healthcare manufacturing ecosystem, creating high-skilled jobs, and positioning the country as a trusted global supplier of advanced pharmaceutical products.
This is a developing story, and more details are expected to emerge as the Budget documents are released.