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India should explore pharma mkts in Europe: CIM

Commerce & Industry Minister, Shri Piyush Goyal appreciated the pharma industry for ensuring an adequate supply of all medicines amid ongoing Covid crisis. Through a video conference on Sunday, he also encouraged businesses to explore untapped markets in eastern Europe and Russia and called for a collaboration between between private enterprises, Indian Council of Medical Research, universities and academicians for research and development efforts.

The minister also reiterated the steps taken by the government to boost the sector,which is one of the 10 champion sectors that the government is focusing on to attract companies looking to move out of China. In order to lure investors, the government is developing a land parcel of 461,589 hectares — close to double the size of Luxembourg for such companies. The government has also approved the scheme on Promotion of Bulk Drug Parks for financing common infrastructure facilities in three bulk drug parks. In addition, the government has given a green signal to Production-Linked Incentive Scheme to boost domestic manufacturing of critical KSMs/drug intermediates and active pharmaceutical ingredient (API) in the country.