Mumbai, India (CU)_ Mansukh Mandaviya, Union Chemicals and Fertilizers Minister, invited the pharmaceutical sector to invest and establish a manufacturing hub in India, stating that the country is a safe investment destination for international investors. The minister spoke at the Investor Summit on ‘Opportunities and Partnerships in Pharma and Medical Devices’, where he discussed the government’s pro-industry policies and attempts to make India the world’s finest investment destination. The Department of Pharmaceuticals in collaboration with Invest India organized the Investor Summit.
Mandaviya during an online event urged the investors to invest and manufacture in India. He said, “I would like to tell investors what PM 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”. He stated that the government has taken initiatives to steadily increase the investment in the country on a consistent basis, and that the global pharmaceutical sector should reap the benefits of these efforts.
According to Mandaviya, there were no prejudices against foreign investors and that equal importance was given to everyone. He also described the reasons for the industry’s success in the country. He stated that the government is working to establish the country as a pharmaceutical center, highlighting that the government is in the midst of establishing three huge medication parks in the nation.
According to Mandaviya, approximately INR 30,000 crore has been earmarked for the pharmaceutical sector’s two Production-Linked Incentive (PLI) programs. Mandaviya observed that the pharmaceutical sector was treated like a religion in the country, and as a result, it was the world’s largest provider of generic medications. He remarked, “We see to it that the world gets affordable medicines”. Additionally, the minister stated that the local pharmaceutical business has improved greatly during the COVID era, owing to the government’s pro-industry policies.
