Budget 2026 boosts biopharma with ₹10,000 crore Shakti scheme
New Delhi (The Uttam Hindu): Union Finance Minister Nirmala Sitharaman presented her ninth consecutive budget in Parliament today, clarifying the government's future direction. At the beginning of her budget speech, she mentioned the government's "three primary duties," which form the foundation of her policies. The Finance Minister stated that this budget was prepared inspired by these duties. In this context, she announced a major plan for the pharmaceutical sector to improve healthcare and provide relief to the common man.
Three main resolutions and duties of the government
Addressing the House, the Finance Minister stated that the government primarily pursues three duties. The first and most important duty is to not only accelerate but also sustain the country's economic growth. The second duty is to fulfill the aspirations and dreams of millions of citizens. Under the third duty, the government is committed to ensuring that every family, every community, and every region of the country has equal access to essential resources. He clarified that every step the government takes is moving towards achieving these three goals.
Medicines will become cheaper under the 'Biopharma Shakti' scheme
Keeping in mind his third duty, equitable access to resources and public interest, the Finance Minister has announced the "Biopharma Shakti" scheme for the biopharmaceutical sector. A substantial budget of ₹10,000 crore has been proposed for this scheme over the next five years. Its primary objective is to provide affordable treatment for cancer and other serious diseases to the general public. The government believes that this investment will reduce the prices of expensive medicines and bring treatment within the reach of the common man.
India will become a global manufacturing hub
The Finance Minister stated that biologics play a crucial role in modern medicine, contributing to longevity and the treatment of complex diseases. The "Biopharma Shakti" initiative will develop India into a major biopharmaceutical manufacturing hub globally. This plan will focus on strengthening biopharmaceutical-focused networks, promoting research, production, and innovation within the country. This will not only meet India's domestic needs but also strengthen the Indian pharmaceutical sector's reputation globally.