Good time to invest in India and setup manufacturing base in Indian pharma sector : DV Sadananda Gowda
DV Sadananda Gowda, Minister for Chemicals & Fertilizers, Govt of India said that India and the Latin American Countries ( LAC) have cooperated on a lot of global issues on various multilateral and global platforms and there is a need to extend this cooperation at regional and bilateral levels.
Addressing virtual Latin America & Caribbean session on ‘Reimagining Distances’, during FICCI LEADS 2020, Gowda emphasized on the potentials in the Indian pharmaceuticals, fertilizers and petrochemicals sector. He said that India is largest supplier of generic medicines in the world. “India is the only country with largest number of US-FDA compliant Pharma plants (more than 262 including APIs) outside of USA and exports $ 20 billion worth of pharma products to various countries including high standards complying countries like US and Europe. The government has also launched scheme of developing 7 Mega parks, 3 Bulk drugs and 4 Medical devices park across the country,” he added.
New manufacturers will also be eligible for PLI scheme and this is a very good time to invest in India and setup manufacturing base in Indian pharma sector, Gowda noted.
“To attract foreign participation, the government is revisiting policies for chemical and petrochemical sector. We are working to extend financial incentive based on sales similar to what is being extended in our pharmaceutical sector. We are also tweaking our policies to strengthen our chemical industrial cluster which we call as PCPIRs and plastic parks. Together, these supportive government policies will offer one of the best environments to do business in India as far as chemicals & petrochemical sector is concerned,” he added.
Sangita Reddy, President, FICCI said that while there has been an increase in the bilateral trade between India and LAC, there is a massive trade potential to be unlocked. “We will bring these two regions together and it will require an effective institutional framework as well as businesses and people-to-people networks. Latin America is positioned well to leverage on these significant changes underway in India where a reform-oriented Government under the dynamic leadership of Prime Minister Narendra Modi is charting an ambitious course of growth and development,” she said.
Arvind Varchaswi, Chair FICCI LAC Regional Council and MD, Sri Sri Tattva highlighted the importance of Ayush and alternate medicine in promoting India – LAC Trade and Investments relations.
Angel Ananos, CEO, AJE Group (Big Kola) Peru said that the future of India and Peru is bright and the bilateral relations are getting stronger year on year due to new FDI policies of Government of India.
Daniel Godinho, Director- Corporate Strategy, WEG Industries, Brazil said that knowledge is an important factor to bring India and Brazil closer to each other in terms of trade and investments. India has a favourable business environment and foreign investor friendly policies and future of business in India looks bright.
Ailtom Nascimento Barberino, Executive Vice-President Global Business, Stefanini, Brazil- said that Stefanini's India office now providing solution to their clients in other countries which is helping us to expand worldwide in providing technological solutions. Also, to shorten the distances first we have to be self-reliant and India is following the vision of the government.
Amrut Naik, President & Head- Emerging Market Business, Cadila Healthcare, India emphasized that there is a need for both sides to develop a realistic model based on facts and figures to enhance the trade. India has captured the Latin American pharmaceutical market trend by introducing the high-quality pharmaceutical products with economical prices.