The Indian economy boasts a strong annual growth rate, deep capital markets and liberalised foreign direct investment (FDI) regime. This liberalization has led to free inflow of foreign capital and modern cutting edge technology. The private sector gains more and more importance in the Indian economy.
India has one of the most rapidly growing economies in the world, after China. By the middle of this century, it will probably have the largest population of any country on earth and rank third in a comparison of GDPs, following China and the United States.
India is the third largest producer of chemicals in Asia and sixth largest producer worldwide (by output). Between 2015-2016 the chemical sector amounted in USD 142 billion and is expected to reach USD 200 billion by 2020. For the first two quarters of financial year 2017-18, production of total major chemicals and basic petrochemicals stood at 12816 thousand MT, while that of major chemicals was 5307 thousand MT. For the period of April- September 2017 a total export of Chemicals and Chemical Products of USD 15 billion was attained.
Growing at a compound annual growth rate of 15.92 per cent India’s pharmaceutical market is expected to touch USD 55 billion by 2020. By the same year, India is likely to be among the top three pharmaceutical markets by incremental growth and sixth largest market globally with respect to size. India´s pharma industry comprises over more than10,500 manufacturing units and over 3,000 pharma companies. Over 60,000 generic brands exist across 60 therapeutic categories. 20% of global exports in generics come from India, making it the largest provider of generic medicines globally.
The growth of analytical instruments market largely depends on the performance and R&D spending on industries such as pharmaceutical, chemical, food and beverages, oil and gas, etc. According to India Analytical Instruments Market Forecast & Opportunities, 2018, the market for analytical instruments in India is expected to grow at the CAGR of over 11 percent during 2013–2018.
India belongs to the top 12 biotech destinations worldwide and is listed third in the Asia-Pacific region. The government pronounced strong investments to accelerate the growth of the industry. By 2025 the industry shall touch USD 100 billion.
India has the second highest number of United States Food & Drug Administration (USFDA) approved plants.
Source: India Invest)