A quick overview of the Indian economy with respect to the year 2010:
1. India among the first few countries in the world to implement a broad-based
counter-cyclic policy package to respond to the negative fallout of the global
2. A major concern during the second half of 2009-10 had been the emergence of
double digit food inflation. Government has set in motion steps, in consultation
with the State Chief Ministers, which should bring down the inflation in the next
few months and ensure that there is better management of food security in the
3. With recovery taking root, there is a need to review public spending, mobilise
resources and gear them towards building the productivity of the economy.
4. Fiscal policy shaped with reference to the recommendations of the Thirteenth
Finance Commission, which has recommended a calibrated exit strategy from the
expansionary fiscal stance of last two years.
5. It would be for the first time that the Government would target an explicit reduction
in its domestic public debt-GDP ratio.
Petroleum and Diesel pricing policy
Expert Group to advise the Government on a viable and sustainable system of
pricing of petroleum products has submitted its recommendations.
Now, we will concentrate on the analysis of the Indian economy with respect to the pharmaceutical industry.
• The custom manufacturing outsourcing (CMO) market has recorded a growth rate of approximately 43 per cent, thrice that of the global market rate, during the period 2007–2010.
• India has a significant cost advantage over the US.
• Manufacturing costs in India are approximately 35 to 40 per cent of those in the US due to low installation and manufacturing costs.
• India’s available talent pool of trained chemists, which is around six times that of the US and works at approximately one-tenth of US manpower costs, also supports this trend.
• Approval time for a... [continues]
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