look news india
New Delhi. The historic Free Trade Agreement (FTA) between India and the European Union (EU) has opened new doors of growth for the Indian pharma and medical device industry. After this agreement, Indian companies have got priority access to Europe’s huge market of $ 572.3 billion (about Rs 47.5 lakh crore). The Central Government believes that this step will not only take India’s exports to new heights, but will also establish India as the most trusted partner in the global health supply chain.
Revolution will come in pharma and medical sector
According to the Union Ministry of Chemicals and Fertilizers, the biggest benefit of this agreement will be in the form of lower taxes on Indian medicines and medical equipment.
Pharmacy of the World: Demand for low cost and high quality Indian medicines will increase in Europe, further strengthening India’s identity as the “Pharmacy of the World”.
Strengthening MSME: This agreement will provide an opportunity to small and medium enterprises (MSMEs) to compete globally, thereby increasing production in industrial hubs like Gujarat, Maharashtra, Karnataka and Andhra Pradesh.
Union Minister J.P. Nadda’s statement
Union Minister of Chemicals and Fertilizers J.P. Nadda Has described this agreement as a ‘milestone’ for the Indian economy.
“Under the leadership of Prime Minister Narendra Modi, India is becoming a trusted global partner in the health and manufacturing sector. Our access to Europe’s $572.3 billion pharma and medical technology market will accelerate the growth rate of this sector to record levels.”
Key benefits of FTA: at a glance
| profit margin | Effect |
|---|---|
| market access | Priority to pharma, medical devices, chemicals, fertilizers and cosmetics sectors. |
| employment generation | Huge increase in demand for industrial jobs and skilled labor force. |
| export center | Direct benefit to coastal export centers and processing industries. |
| Innovation | Technological cooperation and future-ready development between India and Europe. |
Impact on industrial centers and supply chains
This agreement is not limited to medicines only, but its impact Soap, Detergent and Fertilizer Like it will affect other strategic areas also. India’s major industrial clusters will now be encouraged to increase their production capacity and innovate at par with European standards. This will increase India’s global competitiveness and will help domestic industries to make their mark at the international level.
The way to the future: trade based on modern rules
The India-EU FTA is based on modern trade rules, which not only removes current trade barriers, but also unites both the regions to address global challenges. This agreement is a major step towards empowering India’s long-term vision of “Self-reliant India” and “Make in India for the World”.