Presenting the 2023-24 Budget for India, the Finance Minister has laid down the foundation to spur inclusive growth, generate employment and accelerate India’s role in global economy despite current headwinds.
I welcome the announcement of the new programme to promote research and innovation in pharmaceuticals through COEs.
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The Budget’s focus on pharma R&D and innovation is a step in the right direction because research-oriented incentives and policies can enable the Indian pharma industry to become the R&D, bio-innovation and bio-manufacturing hub of the world.
The opening of select ICMR labs for research with public and private medical faculties will enhance industry-academia linkages.
This year’s Budget also tries to push the nation’s digital transformation agenda through capacity building in Artificial intelligence, data and 5G-driven applications.
Several other measures aimed at economically empowering women, committing to climate action through a thrust on green economy and energy transition, and improving ‘ease of doing business’ will all contribute towards building a $5 trillion Indian economy by 2025-26.
—The author, Kiran Mazumdar-Shaw, is Chairperson, Biocon Ltd and Biocon Biologics Ltd. The views expressed are personal.
(Edited by : C H Unnikrishnan)
First Published: Feb 2, 2023 2:48 PM IST
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