Budget 2023: USAIC demands R&D policy for Indian pharma sector

New Delhi, Jan 30 (KNN) The Boston based USA-India Chamber of Commerce (USAIC) in it’s pre-budget recommendations has demanded for a research and development policy for the Indian pharmaceutical sector.

“It is time that the government of India comes out with a research and development policy for the pharmaceutical sector,” Karun Rishi, president of USAIC told PTI.

Rishi further added that in the BioPharma sector, the budget should aim to move up the value chain driven by research and development. 

“For national security and stabilising the global supply chain, the budget should incentivise R&D and manufacturing, especially enhancing API (active pharma ingredients) manufacturing in India,” he added.

Talking about the country’s potential to become a R&D hub of the World, he said that the government should focus on growth strategies, increasing public expenditure on healthcare, capacity building, skills development and employment creation.

“Though challenging, the finance minister should stick to the fiscal deficit target. During COVID-19 pandemic, the Indian government gave the economy a much-needed capital expenditure push and doled out subsidies. This led to a rise in the fiscal deficit,” Rishi said.

Union Finance Minister Nirmala Sitharaman will present the Union Budget for the financial year 2023-24 on February 1.  (KNN Bureau)