India Strengthens Pharmaceutical Backbone
India's active pharmaceutical ingredient (API) exports have reached Rs 41,500 crore, surpassing imports. The government's production-linked incentive scheme aims to bolster domestic manufacturing, reduce dependency on China, and make the country self-reliant in pharmaceuticals. The initiative has generated significant employment and reduced import needs.
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In a bid to strengthen its pharmaceutical sector, India has seen its exports of active pharmaceutical ingredients (APIs) leap to Rs 41,500 crore, outpacing imports that stood at Rs 39,215 crore in the last fiscal year.
Chemicals and Fertilizers Minister J P Nadda informed the Rajya Sabha, asserting the government's commitment to bolstering domestic production and reducing import dependency, particularly from China, which accounts for 74% of the supply.
A production-linked incentive (PLI) scheme has been launched with a Rs 6,940 crore outlay to promote local manufacturing. The result has been significant, with domestic manufacturing capacities ramping up and employment for nearly 5,000 people created.
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