Expectations – Union Budget 2024, Informa Markets

Yogesh Mudras, Managing Director, Informa Markets in India
“The upcoming budget will be crucial in solidifying India’s position at the global level and enhancing the pharmaceutical sector’s capabilities for Viksit Bharat. The focus must be on creating a sustainable growth ecosystem by introducing a range of measures and policies to encourage public-private partnerships, ease of doing business, and industry compliance. The government must extend incentives for R&D and innovation in manufacturing through the PRIP (Promotion of Research and Innovation in Pharma Med-Tech Sector) scheme from the previous budget. Additionally, incentivizing domestic API manufacturers and expanding PLI schemes will enable more local production, helping the country become self-reliant and boosting domestic production in alignment with the Make-in-India initiative. The government should also address the industry’s demand for GST rationalisation and corporate tax concessions to foster growth and collaboration within the pharmaceutical industry. As the organisers of CPHI & P-MEC India, we are dedicated to nurturing an ecosystem where the pharmaceutical industry can flourish, and we anticipate policies that will support this goal.”
MB Bureau