New Delhi

Indiacan unlock a Rs 12 lakh crore opportunity in research and development space by leveraging its cost advantage and combining government support with industry and academic capabilities, Union Minister of Commerce and Industry Piyush Goyal said on Wednesday.

Taking to the social media platform X, Goyal said that India's research costs could be about one-fifth or one-sixth of those in Switzerland or Europe creating a significant opportunity for the country to become a global innovation hub.

He said a government-supported R&D programme with about Rs1 lakh crore in government funding, if matched by industry contributions, could enable research worth Rs10-12 lakh crore by leveraging India's 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 crore research and development," Goyal highlighted in a video shared on X.

He highlighted potential opportunities in areas such as product design, clinical trials and manufacturing of equipment in India, saying the cost arbitrage could make the country an attractive destination for global research and innovation.

Goyal has previously called on India's healthcare and pharmaceutical industry to move beyond its success in generics and focus more on research, development and innovation.

Addressing the Bharat Health Global Expo 2026 earlier in September, he said India must build resilient and globally integrated healthcare supply chains and strengthen its position as a trusted healthcare partner.India, known as the "pharmacy of the world", had 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 had also highlighted the need to restore domestic capacity in active pharmaceutical ingredients and key starting materials, while promoting indigenous production of products 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.