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Monday, March 4, 2024

India Strengthens Indigenous Drug Manufacturing

Indigenous Drug India has become a pivotal hub for pharmaceutical production, hosting GCCs, particularly in Hyderabad and Bengaluru. These centres, established by top multinational pharmaceutical companies, play a crucial role in supporting functions such as clinical trials, pharmacovigilance, and drug safety.

Tech-Driven Drug Discovery:

GCCs leverage emerging technologies like Gen AI, contributing to drug discovery efforts. New technologies developed within these centres are expected to revolutionize healthcare, enhancing personalized and precise care delivery while reducing hospitalization costs.

Renewable Energy Initiatives: Ethanol Blending in Petrol: Indigenous Drug

Government’s Push for Ethanol Blending:

In a bid to promote sustainable energy, the Indian government actively advocates for ethanol blending with petrol. Projections indicate a gradual increase, with 20% of petrol expected to be blended with ethanol by 2024-25 and a target of 30% by 2029-30.

Biofuel Leadership at COP28:

India showcased its commitment to biofuel advancements at the COP28 summit by launching the global biofuels alliance, solidifying its role as a global leader in the biofuel supply chain.

Financial Regulations: Liberalized Remittance Scheme: Indigenous Drug

Resident Indians’ Financial Flexibility:

Under the Reserve Bank of India’s liberalized remittance scheme, resident Indians can remit up to $250,000 annually for various purposes, including investments, real estate, education, medical expenses, or supporting relatives abroad.

Active Utilization Guidelines:

Recent guidelines mandate that funds transferred to foreign bank accounts must be actively invested in specified assets within 180 days. This regulation emphasizes the need for proactive utilization of remitted funds.

Challenges in Overseas Investments: Repatriation Trend: Indigenous Drug

Minimum Deposit and Investment Challenges:

Foreign banks often impose stringent minimum deposit and investment requirements, creating challenges for resident Indians. Many are opting to repatriate funds back to India and close overseas bank accounts, reflecting a shift in financial strategies.

Financial Shift Among Resident Indians:

The trend of repatriating funds underscores a broader shift in financial strategies among resident Indians, emphasizing the need for more accessible and flexible overseas investment options.

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