Indian pharma industry to grow to USD 65 billion by 2024: Lal Krishna
Visakha Pharmacity Ltd Managing Director P.P. Lal Krishna on Friday said the Indian pharmaceutical industry enjoys a significant global presence with share of 20% generic medicines to the global supply chain.
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Visakhapatnam: Visakha Pharmacity Ltd Managing Director P.P. Lal Krishna on Friday said the Indian pharmaceutical industry enjoys a significant global presence with share of 20% generic medicines to the global supply chain.
During an interactive meeting with the members of Confederation of Indian Industry as the zonal chairman, he said currently valued at US$ 50 billion, the industry is expected to grow to US$ 65 billion by 2024 and around US$ 120-130 billion by 2030.
Pharma is one of the priority sectors for Visakhapatnam, with its excellent ecosystem, scope for scaling up the value of production, given its skills to meet stringent standards has great potential to boost exports from this region, he said.
He said artificial intelligence has the potential to add USD 1 trillion to the Indian Economy by 2035. AI technologies will play an important role in sectors such as energy, legal, hospitality, medical, fintech and manufacturing. AI & ML has become the most preferred branch among students pursuing engineering and the demand would continue for the years to come, he stated.
India is an extremely vibrant economy and a preferred destination for the inflow of overseas funds. Unlike China, which has a majority of older population, India is a young country with the bulk of its population being in the working zone. And interestingly, a majority of the Indian population is taking towards entrepreneurship unlike before, which is going to highly contribute towards the positive growth of the country’s economy, he observed.
“The 21st century is called the century of the knowledge industry. Hence, the entrepreneurs in our nation should contribute towards creating a better country with a strong foundation for the working population by creating more and exciting employment opportunities. Despite the global headwinds, the Indian economy has shown resilience and remains a bright spot. We are witnessing robust consumption demand, sustained capex, and exports resulting in a combination of higher GDP growth and lower CPI inflation among the major economies, he said.
Lal Krishna mentioned that India has become a preferred partner for global businesses in the areas of R&D, collaborations in the areas of technology and finance across the sectors aimed at manufacturing in India and exports to global markets. All this is possible due to our best manpower, pro-active government support and policies, better financing options by the banks.
