By Kiran Mazumdar-Shaw, Executive Chairperson, Biocon & Biocon Biologics
In the Interim Union Budget 2024-25, Finance Minister Nirmala Sitharaman has provided a comprehensive roadmap for sustained economic growth that will enable India to achieve a developed economy status by 2047.
The global economy went through a volatile period between 2020 and 2023. However, India’s GDP grew 7.2 per cent in 2022-23, making us one of the fastest growing major economies in the world. I am confident that we will continue this momentum, and it will translate into the vision for ‘Viksit Bharat’ that Finance Minister Nirmala Sitharaman presented during her Budget speech on Thursday.
As a key stakeholder in the pharma and biopharmaceuticals industry, I wanted this Budget to focus on research & innovation-led economic growth. In August last year, the government had exhibited great foresight in passing legislation to set up the Anusandhan National Research Foundation (NRF) for seeding, growing, and promoting research & innovation in India. Building on this initiative, the FM today announced the allocation of a research & innovation corpus of Rs 1 lakh Crore for long-term financing at zero or low interest for sunrise domains. This is a welcome move, in line with the honourable Prime Minister Narendra Modi’s vision of Jai Anusandhan.
Developing new and advanced therapies is a challenging, time-consuming, and expensive proposition, given the steep scientific, technical, and regulatory bars that are in place. Hence, the government needs to step in and drive robust investments in high-value applied research in our academic institutions. I am glad that the FM, in her speech today, acknowledged that research & innovation are the foundation of a nation’s growth.
Development and digital transformation go hand in hand. To stay competitive in a rapidly changing technology-driven world, it is imperative for the government to back digital transformation initiatives, such as AI, machine learning, Big Data and automation, that will help us stay ahead of the curve.
The FM in her speech pointed out how digital public infrastructure is instrumental in enabling new economic opportunities and formalizing the economy. This is particularly relevant for the pharmaceutical industry. I believe that new-age technologies and digital solutions through innovation will catalyze growth for India and transform our country into a global pharmaceutical innovation hub.
As India marches ahead, it is noteworthy that the government is making sure everybody is a part of this journey. Inclusive development and growth was the cornerstone of the FM’s speech. Her commitment to fiscal prudence while investing in the upliftment of poor, welfare of farmers, empowerment of women and skilling of youth is indeed commendable.
A Blog by Biocon 