Indian govt. invites Caribbean to invest in Pharma Sector

India/Caribbean: Chemicals and Fertilisers Minister of India, D V Sadananda Gowda on Wednesday urged South American and Caribbean nations to fund in the Indian pharma sectors, which he stated would evolve to become a US$65 billion capital by 2024.

Speaking a video conversation 'FICCI LEADS 2020', the minister pointed out that India is among the largest producers and exporter of generic medications over the globe.

India is the whole nation with the highest estimate of US Food and Drug Administration (USFDA) pliant pharma manufactories (more than 262 including APIs) outside of USA and exports US$20 billion value of pharma goods to several nations, including high standards complying nations like the United States and Europe, he reckoned.

"We are positive that the Indian pharma division can increase to US$65 billion trade by 2024," Gowda said.

The government has lately begun systems for expansion of seven mega parks three bulk drug parks and four medical devices parks all over India, he acquainted.

New producers will be eligible for Production Linked Incentive (PLI) Scheme following which all will be eligible for fiscal stimuli on the basis of their transactions for initial 5-6 years.

"This is a very very great time to invest and set up a manufacturing centre in India in the pharma sector. One can join the Indian business by joint enterprises also. The benefit is that you can get passage to big syndicates like domestic Indian market, US, Japan, EU and South East Asia by India as far as pharma sector is involved," Gowda stated.

Talking about the fertiliser division, the minister stated it is likewise a charming sector in India.

Gowda said India is a net merchant of fertilisers. In 2018-19, India imported 7.5 million tonnes of urea, 6.6 million tonnes of DAP, 3 million tonnes of MOP and 0.5 million tonnes of NPK fertiliser.

"I am known that South American and Caribbean nations are additionally net importers of synthetic fertilisers. Rather of bidding in the market as clients, we should be encouraging for making supply connections more productive so that sufficient quantity can be sourced at competitive costs," he said.

The minister also beckoned for collaboration for the development of alternative fertilisers, for example, nano-fertilisers, which can decrease our demand/ practice of fertilisers, and consequently dependency on imports.

Relating to chemicals and petrochemicals sector in India, Gowda told the prevailing market capacity is about US$165 billion and this is expected to pass up to US$300 billion by 2025.

"This offers a immense possibility in chemical sector India. For instance, to reach the increasing demand India will require 5 crackers by 2025 and additional 14 by 2040. These crackers only will need a combined investment of US$65 billion," he remarked.

To draw foreign partnership, Gowda said the administration is revisiting strategies for the chemical and petrochemical sector.

"We are considering to increase economic incentive-based on sales related to what is being extended in our pharmaceutical sector," the minister stated.

"We are also twitching our policies to encourage our chemical industrial clump which we call as PCPIRs (Petroleum, Chemical and Petrochemical Investment Regions) and plastic parks," he said.

Gowda said there is a requirement to transform public interest between Indian and South American/Caribbean countries into a successful model of partnership.