According to India’s Union Minister for Chemicals and Fertilizers DV Sadananda Gowda the market size of Chemicals & Petrochemicals sector in India is around 165 billion dollars.
The size is expected to grow up to 300 billion dollars by 2025, the minister said.
Addressing the virtual Latin America & Caribbean session on ‘Reimagining Distances’, during LEADS 2020, organised by FICCI on 14th October the Minister also said India is the only country with largest number of US-FDA compliant Pharma plants (more than 262 including APIs) outside of United States with exports $ 20 billion worth of pharma products to various nations including high standards complying countries like United States and Europe.
Referring to India supplying these Medicines to more than 120 countries across the world; the minister underlined that India thereby earned the reputation of reliable supplier of medicines.
The minister believes that Indian pharma sector can grow to $ 65 billion Industry by 2024.
The Minister further eMphasised that this is a very- very good time to invest, and set up manufacturing base in India in pharma sector.