Addressing the India-UK Business Leaders Forum at the Institute of Directors in London, Sibal said, "There is tremendous scope for joint ventures in the field of biotechnology and small and medium business."
He said India has vast pool of human resources with about 370,000 graduates coming out of engineering colleges every year.
He also reeled out statistics to show that the cost of products of some of the drugs produced in India was one tenth of those prevailing in the US.
India was in the forefront not only in the knowledge-based sector but was also leading in the manufacturing field, he said.
Sibal regretted that British investments in India had shown a decline during the last four years from 1 billion pounds worth in 2001 to 350 million last year.
On the other hand, India's small and medium sectors had provided 39,000 jobs in the UK through their joint ventures, he said.
"India can be a leader not only in the knowledge economy but also in the agriculture economy. For this your expertise in the biotechnology can be of great help," he said.