The Government has informed the Parliament that total foreign direct investment in the drugs and pharmaceutical sector in the country rose to Rs 2,065 crore during April to September period of fiscal year 2019-20.
While replying to a question in the Rajya Sabha, Minister of State for Shipping and Chemicals & Fertilizers Mansukh Mandaviya said the foreign direct investment (FDI) equity inflow in the drugs and pharmaceutical sector stood at Rs 1,842 crore in FY 2018-19.
He also provided figures of various years in FDI in health sector. In 2017-18, FDI was at Rs 6,502 crore, followed by Rs 5,723 crore, Rs 4,975 crore, and Rs 9,052 crore in 2016-17, 2015-16, and 2014-15 respectively.
To attract larger FDI in the pharmaceutical sector, the government reviews FDI policy on an ongoing basis with a view to liberalise and simplify it progressively and improve the country’s investment climate by providing ease of doing business, Mandaviya said.
Also, various measures are taken under ‘Make in India’ initiatives facilitating investment, fostering innovation and thereby promoting robust business environment in the country, he added.
“The drugs and pharmaceuticals sector is witnessing an era of unparalleled growth and innovation. Drugs and pharmaceuticals are India’s largest sectors- both in terms of revenue and employment,” Mandaviya said.