The supply disruption in China has compelled companies around the world to think of diversifying their sourcing base, which has created a huge opportunity for competing countries in emerging markets. India has raised the decibel level at the right time, attracting investments from companies by offering fiscal incentives. Eventually, the investments that will happen on the ground will be a function of what the nation has to offer. This is where the specialty chemicals and the pharmaceutical industry fit the bill perfectly in terms of their ability to scale.
With a strong foundation of complex chemistry and adequate supply of skilled manpower, India has the essential ingredients to scale up 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.
Join the conversation with industry captains at Innovassynth presents Outlook Business Advantage India Summit scheduled on 27th February 2021 at 11:00 AM
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