As China stumbles, India plans big exports push in bulk drugs
NEW DELHI: The government is mulling fiscal incentive and capital subsidy for reviving and restarting old active pharmaceutical ingredient units in a bid to make India an alternative hub for bulk drugs at a time when China faces quality as well as trust issues. “China today controls 55% of API space in the world. With China facing quality issues, India can take a lead and plan big for exports,” a senior government official told ET. The government is also looking to chart strategies to turn the country into a major exporter of medical textiles, furniture, electronics, and toys, among other products, in the next six months, officials said.
The commerce and industry ministry had on Wednesday held a video-conference with industry experts of various sectors, asking them to draw up plans to take over areas where China has vacated space, they said.