Even as most other sectors in the economy are gripped in a stage of slowdown, the Indian pharmaceuticals sector has registered a stellar growth of 11 per cent in net exports in the first quarter of FY20, reports The Hindu.
It should also be noted that in the month of July, the growth in pharmaceutical exports from India surged further north to 21 per cent. At the present trend, the yearly pharmaceutical exports from India could touch a high of $22 billion which would be a net growth of 14 percentage points over the previous year when net exports from the sector stood at $19.2 billion.
The increased exports have been reported to have been achieved as an outcome of stabilisation of prices in the United States (US) markets, along with surging demand for Indian pharmaceuticals from nations like China, Iran and United Arab Emirates (UAE).
It should be noted that Pharmexcil which is a body under the Union Ministry for Commerce and Industry has been pressing on the domestic industry to explore and grab opportunities in China and Japan which are the two biggest markets after the US.
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