Blog Business Entertainment Environment Health Latest News News Analysis Opinion Science Sports Technology World
April-October Indian pharma exports climb 4.22 percent to USD 14.57 billion.

During the period from April to October, India's pharmaceutical exports increased by 4.22 percent to reach USD 14.57 billion, according to a senior official of an export development group under the Government of India. 


Udaya Bhaskar, director general of the Indian government's Ministry of Commerce's Pharmaceuticals Export Promotion Council (Pharmexcil), projected that the current fiscal year would end with around USD 27 billion in pharmaceutical exports, up from the previous fiscal year's USD 24.62 billion. 


There was a decline of 0.32 percent in July, followed by growth of 5.45 percent in August and 8.47 growth in September. According to Mr. Bhaskar, it "will improve over the following several months and possibly reach USD 27 billion by the conclusion of the fiscal year." 


In the same time last fiscal year, exports took in $13.980 billion. Total exports to the US, Canada, Mexico (NAFTA countries), Europe, and Africa amount to over $5 billion (67.5%). 


The global vaccine export market is in a bad situation. "Despite the above and Russia-Ukraine war factors, we are in a favorable situation," continued.


The value of total exports dropped by 5.45% to $1.95 billion in October.


According to figures recently issued by the Ministry of Commerce, India's total exports decreased by 16.65% in October 2022 to USD 29.78 billion, compared to the same month as the previous year. However, from April to October 2022, exports increased by 12.55 percent to 263.35 billion dollars.  


Mr. Bhaskar said that in addition to the sanctions stemming from the Russia-Ukraine conflict, the strengthening of the dollar against the currencies of many essential nations also contributed to a fall in exports in October. 


Nigeria, for example, is one of the top five export markets for Indian medicines. However, the ongoing depreciation of the Nigerian Naira relative to the U.S. dollar has prompted Nigeria to cut its imports.


In a recent tweet, Union Health Minister Mansukh Mandaviya said that India had become a global pharmaceutical powerhouse under the leadership of Prime Minister Narendra Modi.


From April through October 2014, exports of pharmaceutical products increased by 137.7 percent, from roughly Rs 38,000 crore in the same time in 2013 to over USD 90,32,000 crore.


 


Share This Post On

Tags: #India #Vaccines #pharma



0 comments

Leave a comment


You need to login to leave a comment. Log-in
Thesocialtalks.com is a Global Media House Initiative by Socialnetic Infotainment Private Limited.

TheSocialTalks was founded in 2020 as an alternative to mainstream media which is fraught with misinformation, disinformation and propaganda. We have a strong dedication to publishing authentic news that abides by the principles and ethics of journalism. We are an organisation driven by a passion for truth and justice in society.

Our team of journalists and editors from all over the world work relentlessly to deliver real stories affecting our society. To keep our operations running, We need sponsors and subscribers to our news portal. Kindly sponsor or subscribe to make it possible for us to give free access to our portal and it will help writers and our cause. It will go a long way in running our operations and publishing real news and stories about issues affecting us.

Your contributions help us to expand our organisation, making our news accessible to more everyone and deepening our impact on the media.

Support fearless and fair journalism today.


Related