New Delhi, January 20, 2017: India is one of the largest producers of pharmaceutical products and a leading player in the global generics market, exporting nearly 50% of its production. The turnover of Indian pharmaceutical industry was estimated at INR 2,04,627.1 crore in FY 2015-16. The Indian pharmaceutical industry has witnessed a robust growth in recent years growing from INR 177,734 crore in FY 2014-15 to INR 204,627 crore in FY 2015-16, registering a growth of 29% as compared to the growth of 12% from INR 158,671 crore during FY 2013-14.
Department of Industrial Policy and Promotion In FY 2015-16, the exports of Drugs, Pharmaceuticals and Fine Chemicals was INR 1,06,212.4 crore. In the generics market, India exports 20% of global generics, making it the largest provider of generic medicines globally. Policy Initiatives & Investments FDI Policy: • 100% FDI has been allowed through automatic route for Greenfield pharmaceuticals projects • For Brownfield pharmaceuticals projects, FDI has been allowed up to 74% through automatic route and beyond that through government approval. Fiscal incentives • To promote domestic manufacturing, inverted duty structure in Medical Device industry has been corrected • Basic customs duty has been reduced to 2.5% along with full exemption from Special Additional Duty (SAD) on raw materials, parts and accessories for manufacture of medical devices, falling under headings 9018 to 9022 w.e.f. January 19, 2016. • Basic customs duty on certain specified medical devices has been increased from 5% to 7.5% to boost domestic manufacturing. Read More
Corporate Comm India(CCI Newswire)
