Articles 7th Feb 2022
The pharmaceutical industry is a strategic one that contributes strategically to India’s growth story. Globally, India ranks third in terms of pharmaceutical production by volume and is the third-largest principal commodity in terms of exports. Despite being a significant contributor to the country’s exports, the sector has been left out of the RoDTEP scheme notified by the Directorate General of Foreign Trade (DGFT) on 17th August, 2021.
Against this backdrop, Jignesh Ghelani, Partner , Economic Laws Practice (ELP) have co-authored an article for Express Pharma titled ‘No booster dose for pharma sector in Budget 2022’. In their article Jignesh and Sanchita elucidate all that was expected, but didn’t happen for the Pharma industry in this year’s budget announcement. They are of the opinion that while the budget has certain measures to boost growth, benefits which were expected by the industry such as reduction in GST rates on health insurance, expansion in the scope of the products covered under the Product Linked Incentive (PLI) scheme and a generous push for drug research would have gone a long way in fueling innovation and growth in the sector.
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