The programme lays emphasis on these 25 sectors that will focus on job creation and skill enhancement
Prime Minister Mr Narendra Modi today unveiled the "Make in India" campaign, with an aim to turn the country into a global manufacturing hub. It was first proposed by the PM in his Independence Day speech. The government has identified 25 sectors that will be covered under the Make In India plan. The program lays emphasis on these 25 sectors that will focus on job creation and skill enhancement.
The campaign, Mr Modi said, "is the step of a lion." The logo is a striding lion made of cogs, symbolising manufacturing, strength and national pride. The Make in India campaign aims at turning the country into a global manufacturing hub by smoothening business processes and attracting foreign companies to set up factories in India and invest in the country's infrastructure. The focus, is on creating jobs and helping the poor reach the middle class faster said the PM.
He also emphasised on the need to rebuild investors' trust and provide them with a better investment climate. Mr Modi said promising faster decision making and a better policy environment for global and domestic corporates.
Amongst the 25 sectors, following are the areas in the lifescience and healthcare sector covered by the PM.
BioTech:
India is third biggest biotech industry in the Asia-Pacific region and also has the second highest number of USFDA approved plants. Indian biotech industry will grow at an average growth rate of around 30 percent a year and reach $100 Billion by 2025. The sector has seen high growth with a CAGR in excess of 20 percent and the key drivers for growth in the biotech sector are increasing investments, outsourcing activities, exports and the government's focus on the sector. The Department of Biotechnology has established biotech parks in various parts of the country to facilitate product development, research and innovation, and the development of biotechnology industrial clusters. The parks offer investors incubator facilities, pilot plant facilities for solvent extraction and laboratory and office spaces.
Pharma:
India is expected to rank amongst the top three pharmaceutical markets in terms of incremental growth by 2020. It is the sixth largest market globally in terms of size.The country's generic drugs account for 20 percent of global exports in terms of volume, making the country the largest provider of generic medicines globally. It is expected to be $45 billion in revenue by 2020. India's cost of production is significantly lower than that of the USA and almost half of that of Europe.
Approval time for setting up new facilities in India has been drastically reduced. The country's pharmaceuticals industry accounts for about 2.4 percent of the global pharma industry by value and 10 percent by volume.
Wellness:
Indian systems of medicine and homoeopathy particularly Ayurveda and yoga are widely recognized for their holistic approach to health and capability for meeting emerging health challenges. India is the second largest exporter of AYUSH and herbal products. India's wellness market is estimated at Rs 490 Billion, and wellness services alone comprise 40 percent of the market.
Food processing:
India has rich agriculture resource base, the country was ranked No 1 in the world in 2012 in the production of bananas, mangoes, papayas, chickpea, ginger, okra, whole buffalo, goat milk and buffalo meat. The country's gross cropped area amounts to 199 million hectares, with a cropping intensity of 140 percent. The net irrigated area is 89.9 million hectares. India's food processing sector ranks fifth in the world in exports, production and consumption. The contribution of the food processing industry to the gross domestic product in 2012-13 amounts to Rs 845.22 Billion. India's food processing industry has grown annually at 8.4 percent for the last 5 years. The country has established various food parks which is a unique opportunity for entrepreneurs, foreign investors to enter in the Indian food processing sector.
