Union minister For Chemicals and Fertilizers, D.V. Sadananda Gowda has said that this is the best time to invest in Pharma and Medical device sector in India as it is likely to grow in to 65-billion-dollar industry by 2024 to 120 billion dollars by 2030. He said, business friendly reforms carried out by Government have helped India to emerge as one of the best investment destinations among emerging economies. Implementation of policies to promote financial inclusion and to check corruption and easing of compliance of labour laws & regulations has made India the best destination for investment.
In 2018-19, India attracted FDI inflows of 73 billion dollar, up 18 % from previous year. Especially mentioning the pharma and medical device sector, he said, this is the most opportune time to invest in this sector in India as It is likely to grow in to 65-billion-dollar industry by 2024 to 120 billion dollars by 2030.
Union minister said, Indian pharma and medical device sector have immense potential to contribute towards making India a 5 trillion-dollar economy in next 4-5 year. The Medical Devices industry in India has the potential to grow at 28% per annum to reach US $ 50 Billion by 2025.
In this backdrop, Indian Government is supporting development of three Bulk Drug and four Medical Device Parks with State of Art Infrastructure and world class Centres of Excellence across the country. Government will also provide Production Linked Incentives (PLI) to eligible new manufacturing units to ensure level playing field to domestic manufacturers.
Highlighting the contribution of pharma industry during this testing time of covid-19 crisis he said that Indian pharma and medical devices industry were able to rise to the occasion. The crisis is being turned into opportunities by supporting development of mega bulk drug and medical device park through mix of right policies. Prime Minister Narendra Modi ji himself has been personally involved in this, right from initial stage of conception.
It is expected that these schemes of Union Government for development of bulk drug & medical device park will attract cumulative investment of Rs 78000 crore and can generate about 2.5 lakh employment.