Budget 2026 introduces Biopharma Shakti to establish India as a global hub for biopharmaceutical manufacturing and innovation.
India to Become Global Biopharma Hub Under Budget 2026’s Biopharma Shakti Scheme (Source:X)
Union Budget 2026: Union Finance Minister Nirmala Sitharaman has made history by presenting her ninth consecutive Union Budget, becoming the first finance minister in India to reach this landmark.
This year’s budget is expected to focus on the smooth rollout of the New Income Tax Act, 2025, which will replace the 1961 Act from April 1, 2026. Key allocations are likely for infrastructure, railways including the Kavach 4.0 safety system, defense, and artificial intelligence. Middle-class taxpayers are anticipating relief under the new tax regime, including a higher standard deduction and a potential expansion of the Section 87A rebate. The budget comes amid global uncertainties, such as U.S. tariffs affecting Indian exports, making it significant for both domestic and international stakeholders.
Addressing the Parliament, Sitharaman said that over the past 12 years, the government had maintained economic stability, fiscal discipline, steady growth, and moderate inflation, thanks to careful decision-making even during uncertain times. She also noted that this was the first budget prepared in Kartavya Bhavan, India’s new finance ministry building.
The Finance Minister clarified that, based on the principles of Aatmanirbharta, the government has improved its overall domestic manufacturing capabilities, energy security, and minimized dependencies on critical imports. However, she also stated that the government has made sure that its citizens have benefited from all its measures by undertaking reforms that aim to facilitate employment generation, agricultural productivity, purchasing power, and universal services. According to her, this has enabled India to register a high growth rate of 7% and make substantial progress in reducing poverty and enhancing the lives of its citizens.
She further stated that the government’s strategy is to emphasize reforms over rhetoric and people over populism.
For developing India as a world manufacturing destination for biopharmaceuticals, she recommended the Biopharma Shakti scheme with an allocation of ₹10,000 crore in the next five years, adding that it would help develop a strong ecosystem for the manufacture of biologics and biosimilars in the country. She said that the plan would comprise a biopharma network with three new National Institutes of Pharmaceutical Education and Research (NIPERS) and improvements in seven existing ones. Further, she said that the plan would establish 1,000 accredited clinical trial sites in India and improve the Central Drug Standard Control Organisation to international standards, including scientific review and approval by specialists.
While unveiling Budget 2026-27, FM Sitharaman stated that the government has been maintaining steady economic growth, fiscal responsibility, and social progress over the last 12 years. She said that the budget focuses on self-sufficiency, jobs, agriculture, and public services, and also on India’s biopharma industry to improve domestic manufacturing, competitiveness, and conformity to international quality standards.
