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India: Economic Outlook

India Rides on a Growth Curve

| Author / Editor: Swati Deshpande / Dominik Stephan

Additionally, the Government of India has also focused on training for food processing industry and has opened National Institute of Food Technology Entrepreneurship and Management at Kundli, Haryana. Also, the Ministry has approved 62 projects so far for establishing cold chain facilities to be implemented by the private/co-operative sectors. In a nutshell, with the efforts from the policy makers, food processing sector is expected to witness various developments and growth in the year 2013.

Pharma – Indian Industry Flexes its Muscles

Pharmaceutical and Biotech are also important sectors for the Indian economy. It holds immense importance for the Indian economy as the industry is expected to reach a mark of $100 billion by 2020, according to the Planning Commission of India.

The industry is currently valued at $22 billion. As per the final draft of India’s 12th five-year plan (2012-17), the Planning Commission expects the pharma industry to achieve the target of $60 billion mark in 2017.

According to the new research report by Reportlinker, several multinationals are already using or plan to use India as a base for clinical research, particularly for specific diseases with a significant local patient base, such as tuberculosis.

India to Become Hub for Research Outsourcing

Companies such as GSK and Eli Lilly have been collaborating with domestic companies for R&D, while others have been utilizing Indian contract research organizations (CRO). This trend is expected to continue even in 2013. In the future, it is likely that an increasing number of companies will set up research centers in India and use the country as a hub for multi-centric global trials. Others will take advantage of the services offered by India’s emerging CROs, projects Reportlinker.

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