The Commerce and Industry Minister highlighted opportunities in product design, clinical trials, equipment manufacturing, biotechnology and pharmaceuticals…reports Asian Lite News Desk
India can unlock a research and development opportunity worth Rs 12 lakh crore by leveraging its cost advantage and bringing together government support, industry and academic capabilities, Union Commerce and Industry Minister Piyush Goyal said on Wednesday.
Goyal said India’s research costs could be around one-fifth or one-sixth of those in Switzerland or Europe, creating an opportunity for the country to emerge as a global hub for innovation.
Taking to X, Goyal said a government-supported R&D programme involving around Rs 1 lakh crore in government funding, if matched by industry contributions, could enable research worth Rs 10-12 lakh crore by making use of medical colleges, Indian Institutes of Technology and other centres of excellence.
“If industry gives the matching contribution then we use our academia … we can actually do 10-12 lakh crores research and development,” Goyal said in a video shared on X.
He highlighted potential opportunities in areas including product design, clinical trials and equipment manufacturing, arguing that the cost advantage could make India an attractive destination for global research and innovation.
Goyal has previously called on India’s healthcare and pharmaceutical industries to move beyond their success in generics and focus more strongly on research, development and innovation.
Addressing the Bharat Health Global Expo 2026 earlier this month, he said India needed to build resilient and globally integrated healthcare supply chains and strengthen its position as a trusted healthcare partner.
India, which is known as the “pharmacy of the world”, has an opportunity to expand into new molecules, biosimilars and biotechnology, he said.
Goyal also urged the pharmaceutical sector to make greater use of government programmes supporting R&D and innovation, including the Research and Development Innovation Fund.
He said India needed to develop and patent its own products if it wanted to become a developed economy by 2047.
Goyal has also stressed the need to restore domestic capacity in active pharmaceutical ingredients and key starting materials, while promoting indigenous production of products that are currently imported.
The government is developing bulk drug parks and 100 new industrial parks, where dedicated areas could be provided for pharmaceutical and healthcare companies, he said.
The minister’s comments come as the government seeks to encourage greater private-sector participation in research and innovation and strengthen domestic capabilities across healthcare, pharmaceuticals and manufacturing.
