Specialty Chemicals Offers Huge Growth Potential For Local Manufacturers Says Ministry of Chemicals and Fertilizers
DV Sadananda Gowda, Minister for Chemicals & Fertilizers, Govt of India has said that India and the Latin America and Caribbean (LAC) region 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.
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