During the 8th India Ideas Conclave held on November 23, 2024, in Bengaluru, Union Finance Minister Nirmala Sitharaman emphasized the necessity of establishing a Bharat Food and Drug Administration (FDA) to set global standards in pharmaceuticals, similar to the U.S. FDA. This initiative aims to enhance India's position in the global pharmaceutical market and ensure that Indian products meet international benchmarks. Sitharaman also advocated for the creation of 'Brand India' to position the country as a hub for innovative urban solutions and to integrate the concept of LiFE (Lifestyle For Environment) into India's economic growth model. She highlighted the importance of a self-learning program for the top 100 tourist centers in India, aimed at enhancing tourism education and promoting responsible capitalism, recognizing the limitations of traditional capitalism. [050ba9fc]
In light of these developments, the Indian pharmaceutical industry continues to seek tax incentives and financial support in the upcoming Union Budget. The industry is requesting income tax exemptions for 5-10 years for any new molecule developed in India to promote innovation and boost research and development (R&D). Despite facing challenges such as geopolitical tensions, supply chain issues, and increased scrutiny by global regulatory agencies, India remains a significant player in the global pharmaceutical landscape, being the world's third-largest manufacturer of drugs by volume. [050ba9fc]
The recent Union Budget 2024-25 presented by Finance Minister Nirmala Sitharaman included several changes to customs duties, including reductions on cancer medicines and mobile phones. These adjustments aim to provide relief to various sectors, including pharmaceuticals, by reducing costs and promoting domestic manufacturing. The budget is expected to have a significant impact on the Indian economy and various sectors, including healthcare and manufacturing, as it seeks to balance innovation with affordability. [050ba9fc]