BUDGET 2022: WILL IT MAKE INDIAN PHARMA A SUNRISE SECTOR?


The Indian pharma sector has been a center point of attention during the pandemic, and why not. The growth of any industry is dependent on several intrinsic and extrinsic factors. The role of the Indian pharma sector has been quite significant in the economy and the GDP of the country. As per RBI, the pharma sector contributes 2 % of the GDP.

The Indian pharmaceutical industry ranks third globally in production by volume and holds 14th position by value. In addition to its contribution to the GDP, the Indian pharma industries also contribute 8 % to the country’s total merchandise exports. Source: https://www.rbi.org.in/Scripts/BS_ViewBulletin.aspx?

Some remarkable initiatives by the Government of India
• On 24th March 2021, the Government of India announced the Production Linked Incentive ( ‘ PLI ‘ ) scheme for the pharmaceuticals sector with total financial assistance of Rs 15,000 crores.

• In 2020, a budget of Rs 6,940 crores for eight years was initiated by the Government of India to reduce the import dependence on bulk drugs ( varying from 80-100 percent in certain cases ).
The amount would also be used to envisage a world-class infrastructure that will boost the Indian bulk drug industry to a global leader.

• PM Gati Shakti will enhance the connectivity, thus making the Indian pharma business more competitive. Also, it will focus on creating economic zones for the pharma segment by creating pharmaceutical clusters.

What does the Union Budget 2022 hold for the pharma sector?
• Extending the deadline, for new manufacturing facilities to begin manufacturing or production in order to get a concessional 15 percent tax rate, to March 31, 2024. ,

• The government will be focusing on providing growth opportunities to pharmaceutical companies. Also, the government will be putting the best step forward to promote research and development.

While there had been no direct contribution to the pharma export, as was expected in the budget 2022, the amendments and changes introduced by the government will help in strengthening the Indian pharma sector, and this will eventually put India on a global front.

The growth of the pharma industry is paramount for the growth of the nation, especially when it generates employment for millions and tremendous growth opportunities. Having said that, the research and development segment needs more support and assistance if we expect the Indian pharma industries to climb up from third to first place.

Source: https://pharmanewsupdate.com/magazine/fpme-e-bulletin.pdf


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