Bengaluru, March 20, 2016:“The needs of the pharmaceuticals and Ayurveda industry did not get much attention in the Budget. No clear cut incentive has been provided for promoting the manufacture of plant-based medicines in India using modern plants and technology, even though there are sops for the farming community and food processing industry. The government was expected to introduce several industry-friendly policies and incentives to provide a major push to the growth of the Indian bulk drug industry for it to be a formidable force globally. However, no major tax reforms (especially on the indirect tax front) have been announced by the Government. A good thing in the budget is the announcement of a special patent regime with 10% rate of tax on income from worldwide exploitation of patents developed and registered in India. This will promote drug discovery in the private sector, especially in the Ayurvedic and phytomedicine segment which is expected to grow by leaps and bounds in the coming years.”
Corporate Comm India (CCI Newswire)
