Union Chemicals and Fertilisers Minister Mansukh Mandaviya on Wednesday urged the pharma industry to make India a manufacturing hub as the country is a safe destination for investments.
Addressing the Investor Summit on ‘Opportunities & Partnerships in Pharma & Medical Devices’, he also spoke about the government’s pro-industry reforms and efforts to make India the best investment destination in the world.
“I would like to tell investors what Prime Minister Modi has already said. Please come and manufacture in India, set up industry here. The country provides a safe investment environment as you would find in your own countries,” Mandaviya said during an online event.
He noted that the government has been taking constant steps to enhance investments in the country and the global pharma industry should benefit from it.
There were no biases against people coming to invest from outside and everyone was treated equally, he said, outlining the reasons for growth of the industry in the country.
Mandaviya, who is also the Union health minister, said the government is looking to make the country a pharma hub and noted that the government is in the process of setting up three bulk drug parks in the country.
Around Rs 30,000 crore has been lined up as part of the two Production-Linked Incentive (PLI) schemes in the pharma sector, Mandaviya said.
Further, he noted that India is rightly called the pharmacy of the world as it is the largest manufacturer and supplier of generic medicines.
During the COVID period, the country supplied medicines to more than 150 countries, the minister noted.
“It shows that the pharma industry is not just a business in India. It is connected with our sentiments. It is not governed with only profit motive but is guided by the Indian philosophy of Vasudhaiva Kutumbakam,” he added.
Further, the minister said the domestic pharma industry has witnessed growth in COVID times and it has been due to the pro-industry policies formed by the government.
He assured investors that they will be treated fairly in India, given its robust regulatory mechanism, independent judiciary and democratic form of government.
Mandaviya stated that under the able leadership of the prime minister. India strives to become the best investment destination in the world for the pharma sector.
He noted that the pharma sector has witnessed a substantial increase in investments.
FDI in the sector increased 98 per cent year on year in 2020 and exports from India grew by 18 per cent in the last financial year.
The Investor Summit was organised by the Department of Pharmaceuticals in partnership with Invest India.
Credits – Source – https://economictimes.indiatimes.com/industry/healthcare/biotech/pharmaceuticals/mansukh-mandaviya-urges-pharma-industry-to-make-india-a-manufacturing-hub/articleshow/87313868.cms