The supply disruption in China has compelled companies around the world to think of diversifying the sourcing base, which has created a huge opportunity for competing countries in the emerging world. India has raised the decibel levels at the right time, attracting investments from companies by offering fiscal incentives. Eventually, the investments that will come upon ground will be a function of what the nation has to offer overall. Exactly this is where the speciality chemicals and the pharmaceutical industry seems to fit the bill perfectly in terms of ability to scale.
With a strong foundation on complex chemistry and an adequate supply of skilled manpower, India has the essential ingredients to scale up this industry and grab a significant portion of the global value chain. The government is taking baby steps – apart from the prevailing tax-incentives for new investments, a list of bulk drugs and intermediates have already been approved for production-linked incentives (PLI), and the list could grow longer as the government evaluates expanding the scope of the PLI scheme. How, where and what needs to be done by the government – and the industry -- to unleash the true growth potential here.
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