Chemical and pharma industries on list now..! Enhancing exports, India to prepare strategy and action plan amid

New Delhi, February 26: “The government supports pharma exports through its schemes of reimbursement of product registrations abroad upto Rs 50 lakh per year. This ceiling has been enhanced recently to Rs 2 crore per year with additional components, which will encourage exporters to register and sell more products in new and potential markets”, said Commerce Minister Suresh Prabhu while meeting the of pharma and chemicals industries along with chairmen of Pharmexcil and Chemexcilin New Delhi today.

 

 

Viewing to discuss the preparation of a strategy and an action plan which will help chemicals and pharma companies, the government is up to boost exports and identify specific problems that are effecting both these industries and hampering production and exports.

During the meeting Prabhu said that the government recognizes certain issues that need to be addressed for enhancing exports in the chemical sector. It also provides financial support to industry for participation in trade events, BSMs abroad and in organizing flagship industry events in India, like IPhex and CPhI. Minister also said that the Ministry is facilitating market access in important markets like China, Russia and CIS and Vietnam.

However, Prabhu observed that the pharma industry has made a very good recovery with industry consolidation, resolution of export related long standing regulatory issues, strong domestic growth and export led focus, leading to a strong growth of exports to US, EU and other important markets.

India’s pharma exports have grown handsomely from USD 15.43 billion in 2014-15, based on current trends. India is likely to record highest ever pharma exports this FY 2018-19 of approx. USD 19 billion. The industry would be provided with creams like waiver of GST to incentivize export of R&D services, extending validity of certificate of participation and waiver of NOC for exports.

Indian pharma industry plays a leading role globally, with 10% share of world production volumes and 2.4% share globally in terms of value. Exports are more than 50% of the total Indian pharma industry turnover and help provide affordable healthcare through high quality yet affordable generic drugs and formulations, he signed off.