India Pharma Export Increased: Big news is coming out from the country’s Pharma Sector. During April to October of the current financial year, exports from the pharma sector have increased by 4.22 percent to reach $14.57 billion. According to the report, this increase in exports in the first 7 months of the year 2022 has been achieved despite the decline in the previous month. The Pharmaceutical Export Promotion Council of India has given this information. This organization is an organization under the Ministry of Commerce.
Know how much will be exported
It has to be said about this that in the current financial year 2022-23, the figure of pharma exports has reached $27 billion. In the last financial year, it was $ 24.62 billion. Pharma exports stood at $13.98 billion in the same period last fiscal. It has been told by the organization that the condition of our exports in the category of vaccine is very bad.
exports worsened due to the war
Exports have also been affected due to the Russia-Ukraine war. Despite this, the country’s total pharma exports have increased. The US, Canada and Mexico (NAFTA countries), Europe and Africa accounted for 67.5 per cent or about $5 billion in the country’s total pharma exports.
Exports decreased in October
According to the commerce ministry, pharma exports declined by 5.45 per cent to $1.95 billion in October. India’s total exports in October 2022 have decreased by 16.65 percent to $ 29.78 billion as compared to the same month last year. During April-October 2022, exports registered a growth of 12.55 percent and stood at $ 263.35 billion. Bhaskar said that apart from sanctions due to the Russia-Ukraine war, the strengthening of the dollar against the currencies of some major countries also led to a decline in exports during October.
Health Minister had expressed strength
Recently Union Health Minister Mansukh Mandaviya tweeted that the Prime Minister Narendra Modi India has become a force to be reckoned with in the global pharma market under the leadership of the Nigerian Naira. The sustained depreciation of the Nigerian naira against the US dollar has slowed down imports from that country.