New Delhi,dec 31
The year 2024 marked a pivotal year for India, showcasing its dominance in pharmaceuticals, biotechnology, defence, nuclear energy, space, infrastructure, and emerging technologies like quantum computing, AI, and blockchain.Transformative policies and innovations have propelled India into a leadership position globally, underscoring its commitment to sustainable and inclusive growth.
India’s pharmaceutical exports soared from over USD 15 billion to USD 28 billion in the decade ending FY24, powered by initiatives like the Production Linked Incentive (PLI) and Bulk Drug Parks.Biotechnology experienced a 13-fold expansion from USD 10 billion in 2014 to USD 130 billion in 2024, with an ambitious target of USD 300 billion by 2030.
Breakthroughs in 2024 include India’s first indigenous antibiotic, Nafithromycin, offering a revolutionary treatment against drug-resistant pneumonia, and NexCAR19, the nation’s first home-grown CAR-T cell therapy for cancer.Resuming Penicillin G production after 30 years bolstered India’s pharmaceutical self-reliance. Globally, India joined the Biopharmaceutical Alliance alongside South Korea, the US, Japan, and the EU to address drug supply challenges.Transformative reforms, including Liberalized FDI, Positive Indigenization Lists, and the opening of defence R&D to startups, drove indigenous production to a record Rs1.27 lakh crore in 2024, with exports expanding 30-fold.Key achievements include the successful flight test of the Agni-5 missile with MIRV technology under Mission Divyastra, the testing of the K-4 submarine-launched missile, and the deployment of the Phase-2 Ballistic Missile Defence (BMD) System.
Additionally, the long-range LRLACM missile showcased India’s strategic precision capabilities. India’s nuclear power capacity doubled from 4,780 MW in 2014 to 8,180 MW in 2024, with plans to triple it to 22,480 MW by 2031-32.
The Union Budget 2024-25 also highlighted the establishment of Bharat Small Reactors and collaborations on Small Modular Reactors (SMRs), reinforcing India’s nuclear ambitions. India’s space sector achieved unprecedented milestones in 2024, driven by a vision to grow the space economy to USD 44 billion by 2033.
