India’s pharma exports hit Rs.1.83 lakh cr in 2021-22
On Sunday the commerce ministry said that the Indian pharma sector logged a 103 percent rise in exports since 2013-14 from Rs.90,415 crore in value terms over the last eight years to Rs.1,83,422 crore in the 2021-22 fiscal year.
The exports achieved in 2021-22 is the pharma sector’s best export performance ever and is a remarkable growth with exports growing by almost USD 10 billion in eight years, the statement said.
India ranks third worldwide for production by volume and 14th by value. Indian pharma companies have made a global mark with 60 percent of the world’s vaccines and 20 percent of generic medicines coming from India.
The share of pharmaceuticals and drugs in India’s global exports is 5.92 percent. The formulations and biologicals continue to account for a major share of 73.31 percent in total exports, followed by bulk drugs and drug intermediates with exports of USD 4437.64 million. India’s top five pharma export destinations are the US, UK, South Africa, Russia, and Nigeria.
Highlighting the achievement in a tweet, the Union Minister of Commerce and Industry Piyush Goyal said: “India’s booming drugs & pharmaceuticals exports more than double in 2021-22 compared to 2013-14. Under the active leadership of PM Narendra Modi Ji, India is serving as ‘Pharmacy of the World”.
सर्वे संतु निरामया!
India’s booming drugs & pharmaceuticals exports more than double in 2021-22 compared to 2013-14.
— Piyush Goyal (@PiyushGoyal) April 25, 2022
The pharma exports in 2021-22 sustained a positive growth despite the global trade disruptions and drop in demand for COVID-related medicines. The trade balance continues to be in India’s favor, with a surplus of USD 15175.81 Million, said the ministry.
[With Inputs from IANS]
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