India is set to become the hub of global biotech industry and the country's share in the sector could touch $40 billion by 2015, Science and Technology Minister Kapil Sibal has said.

"$25 billion is too small a figure. We will grow at a much faster pace and can reach $40 billion. I don't put anything less than that," he said at a panel discussion in Bangalore on Monday.

The industry's revenues from the sector stood at over $1.4 billion during the fiscal 2005-06.

India

would be the centre stage of biotech industry not necessarily in terms of numbers but in terms of the position it would enjoy.

Multinational companies are now looking at India for investments, Sibal said.

Detailing the steps being taken by the government, he said a medical devices regulatory framework has been finalised just 10 days ago and clinical trials would be strengthened.