In an exclusive interview with PTI video, the minister also said an extensive risk-based analysis is done continuously to ensure the production of quality medicines in the country, and the government and regulators are always alert to ensure that no one dies due to spurious medicines.
'Mankind's experience, sharpness, and execution will make it happen. We are not going for short-term gains.'
If such bar-coding covers government procurement, pinpointing the culprits will become easier.
A leading exporter said, there is enough stock of paracetamol in the country. At present, the US, which has become the epicentre of the COVID-19 outbreak, needs paracetamol. He further said India would lose its credibility as the "pharmacy of the world" if it adopts protectionist policies during such a crisis.
US-based retail giant Walmart is looking to source toys, shoes and bicycles from Indian suppliers as the company is targeting to increase its exports from India to USD 10 billion annually by 2027. The company also wants to develop new suppliers in categories such as food, pharmaceuticals, consumables, health and wellness, and apparel and home textiles, a company spokesperson told PTI. Officials from the Bentonville-headquartered firm recently held a virtual meeting with several domestic toy manufacturers in India.
Six decades and more later, we are now captives of our identities. Every poll is based on elaborate calculations of electability of candidates on the basis of their castes and other narrow definers. That, along with voter promiscuity, is what defines our political culture, which remains stubbornly resistant to any change, asserts Shreekant Sambrani.
Though the government has been pushing for exports of high-value manufactured goods across major markets in place of raw materials and input goods, India's top exports to China remain in the raw materials category.
The country's exports grew 5.37 per cent year-on-year to $27.24 billion in January 2021, mainly driven by healthy growth in pharma and engineering sectors, according to provisional data of the commerce ministry. Trade deficit during the month narrowed to $14.75 billion from $15.3 billion in January 2020. It was $15.44 billion in December 2020. Imports in January 2021 rose 2 per cent to $42 billion.
India's trade ties with Israel have only strengthened in the years after 2019. The total value of trade rose to $10.5 billion on a rolling four-quarter basis in June 2023 from $5.5 billion in the same month in 2019, shows a Business Standard analysis of data from the Centre for Monitoring Indian Economy (CMIE). A rolling four-quarter number provides a comparable figure across different time periods.
Export sectors that showed positive growth last month included chemical, iron ore, electronics, marine products and pharmaceuticals. Decline in overall imports, including oil and gold, led to narrowing of trade deficit.
Maharashtra has signed MoUs totalling Rs 1.4 lakh crore at Davos on the sidelines of the World Economic Forum Annual Meeting, following Chief Minister Eknath Shinde's meetings with a number of business leaders, the state government said on Wednesday. Karnataka, too, signed MoUs with investment proposals to the tune of Rs 22,000 crore with seven companies.
India's exports remained in the negative territory for the 11th month in a row.
Mumbai airport is the largest gateway for movement of pharma and agro products in the country.
Domestic customers will get access to high-quality Swiss products such as watches, chocolates, biscuits, and clocks at lower prices as India will phase out customs duties under its trade pact with the EFTA bloc on these goods over a period of time. India and the four-European nation bloc EFTA signed a trade and economic partnership agreement (TEPA) on Sunday to boost trade and investments between the two regions. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland.
The US president said that he has sought help from Prime Minister Narendra Modi to allow the sale of Hydroxychloroquine tablets ordered by the US to treat the growing number of coronavirus patients in his country, hours after India banned the export of the anti-malarial drug.
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.
Imports too declined 26 per cent to $29.47 billion in August, leaving a trade deficit of $6.77 billion.
The BSE Healthcare Index is up 19 per cent as compared to BSE Sensex returns of 11 per cent during this period. Nitin Agarwal of DAM Capital highlighted this trend in a report last month. "After a sustained period of underperformance over FY21-23, the BSE Healthcare Index has once again captured the spotlight. "The recent uptick in performance has been driven by hospitals and emerging green shoots in pharmaceutical exports, particularly to the US, along with sustaining momentum in domestic branded formulations," he said.
Exports of petroleum products, chemicals, pharmaceuticals, gems and jewellery, and engineering goods registered a positive growth.
Exports to China saw sustained double-digit growth for the fourth straight month in August, led by eightfold rise in iron and steel shipments.
Indian pharmaceutical companies exporting medicines worth $1 billion to at least a dozen countries like Brazil, Mexico, China and Germany are finding non-tariff barriers, in the form of discriminatory treatments, hampering their export prospect.
Even as the domestic pharmaceutical industry is exploring new markets in Latin America and the Commonwealth of Independent States, exports to countries in Africa are declining.
India's exports fell 9 per cent to $23.43 billion in November due to a drop in shipments of segments such as petroleum products, engineering and chemicals, even as the trade deficit narrowed to $9.96 billion during the month, according to official data released on Wednesday. Imports also slipped 13.33 per cent to $33.39 billion in the month under review. In November, oil imports dipped 43.34 per cent to $6.27 billion. It was down by 48.7 per cent to $44.10 billion during April-November 2020, the data showed. Exports during April-November 2020 were $173.49 billion, compared with $211.17 billion during the corresponding period a year ago, exhibiting a negative growth of 17.84 per cent.
Lower IT exports will raise India's dependence on capital flows to fund imports.
The Reserve Bank of India has already notified interest subsidy of two per cent for handicrafts, handlooms, carpets and small and medium exporters.
Russia's central bank early on Tuesday raised interest rates to 17 per cent to counter the 50 per cent rouble fall in six months.
The Israel Export Institute on Monday urged the Israeli industry and trade ministry to adopt a plan that would increase exports by $3 billion by the end of 2004.
While the import of gold fell by about 11 per cent to $2.58 billion in February as against $2.89 billion in the corresponding month last fiscal, inward shipments of petroleum products were down by nearly 8 per cent to $9.37 billion.
The Department of Pharmaceuticals has submitted a freight subsidy scheme for exporters to the Commerce Ministry so that they could take alternate routes and avoid transit through Europe, which is a shorter route with better connectivity.
Imports rose by 1.44 per cent to $43.44 billion in March 2019.
Researchers at Northwell Health in New York are testing the effects on Famotidine (used in high intravenous doses) on Covid-19 patients as a potential treatment. After the hospital announced its clinical trials, it led to a drug shortage in the US. Back home, however, there has not been any surge in the demand for Famotidine yet.
Cumulative exports during April-October 2017-18 increased by 9.62 per cent to $170.28 billion, while imports grew by 22.21 per cent to $256.43 billion, leaving a trade deficit of $86.14 billion.
'Our factories are world-class and are becoming increasingly attractive for our global business leaders to use to serve other markets.'
The country's exports jumped by 60.29 per cent to $34.45 billion in March even as the outbound shipments contracted by 7.26 per cent during the full 2020-21 fiscal to $290.63 billion. Imports too grew by 53.74 per cent to $48.38 billion in March, but dipped by 18 per cent to $389.18 billion during April-March 2020-21, according to the government data released on Thursday. Trade deficit during March 2021 widened to $13.93 billion from $9.98 billion in March 2020.
Imports also rose by 2.6 per cent to $41.1 billion in the month under review, leaving a trade deficit of $14.92 billion.
The buoyancy in exports, which are expected to grow 23 per cent to around $155 billion in 2007-08, does not convey the real picture.Commerce ministry data show that the sectors with higher import content like petroleum products, gems and jewellery, engineering goods, pharmaceuticals, chemicals, and agriculture have provided the momentum for growth in exports, which have been hit by the appreciation of the rupee and infrastructure bottlenecks.
Domestic customers will get access to high-quality Swiss products such as watches, chocolates, biscuits, and clocks at lower prices as India will phase out customs duties under its trade pact with the EFTA bloc on these goods over a period of time. India and the four-European nation bloc EFTA signed a trade and economic partnership agreement (TEPA) on Sunday to boost trade and investments between the two regions. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland.
The two directors of the company named in the FIR, however, still remain at large.
The government has formed the Export Promotion Council for Pharmaceuticals (Pharmaexcil) to boost pharma exports.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances