Indian drug firms get a shot in the arm in the $12 bn Australian drug market as the Therapeutic Goods Administration (TGA), Australia agrees to accelerate the drug approval process in that country for Indian players who already have an approved plant and product from one of the stringent regulatory authorities like US, EU or Canada. From current sales of $340 mn, the Indian firms can see a significant upside in sales; felt Dinesh Dua, former chairman of the Pharmaceutical Exports Promotion Council of India (Pharmexcil), and the MD of Nectar Lifesciences. He highlighted that only 12 percent of the Australian drug market is generic, as against 80-90 per cent in the US or EU. Of this $1.5 bn generic drug market in India, Indian companies have a small share.
Imports too declined 26 per cent to $29.47 billion in August, leaving a trade deficit of $6.77 billion.
Imports increased by 4.5 per cent, the highest growth in the last six months as crude oil and gold shipments shot up in the month.
Imports rose by 1.44 per cent to $43.44 billion in March 2019.
Imports too tumbled by 58.65 per cent to $17.12 billion in April from $41.4 billion in the same month last year, according to the data by the commerce and industry ministry.
Barring rice, spices, iron ore and pharmaceuticals, all the remaining 26 key sectors registered negative growth in May. Imports too plunged 51 per cent to $22.2 billion in May.
Like pharmaceutical companies globally - which used to enjoy a preferential exchange rate in Venezuela - Indian producers have been left badly stung by the collapse of the bolivar currency
Exports in May 2012 stood at $24.77 billion.
The trade to-and-from India so far is not affected. But if the situation continues to remain the same for the next two to three months, it could definitely hurt India trade, including essential cargo.
Motherson Sumi, Tata Steel, Jaguar Land Rover will face higher cost.
'The ban on Chinese imports is a suicidal step.' 'This will result not only in economic depression, but in a chaotic situation.'
In a meeting with the commerce minister, India Inc hammered Sharma on the collapse of investments, structural nature of the current account deficit and stagnant growth in agriculture.
While an official in the Commerce Department indicated a trade war was in the offing, till now the government has been in wait-and-watch mode.
'The deaths of the children in the Gambia would batter India's reputation as the developing world's pharmacy.'
India is the second largest buyer of Iranian crude, after China.
'The manufacturing sector and the capital goods industry need all the support that the government can provide, because they are working in a global market where trade restrictions are coming down every day,' says Amar Kaul.
India's IPR framework and enforcement were comparable to those in developed countries
'Only when China treats India as an equal can we consider them real friends.'
India and South Africa on Friday agreed to deepen engagement in key areas of defence production, manufacturing, mining and minerals and combating terrorism.
This is the joint statement issued by the ministry of external affairs on the visit of US President Barack Obama to India.
'India and China have to make concrete progress with regard to the border issue, addressing the trade deficit, and facilitating people-to-people interactions. This has to happen in the next two, three years.' China expert Tansen Sen tells Sheela Bhatt/Rediff.com how India and China can take their relations to the next level.
