Pharma sector to grow by 20% on relaxed FDI norms

TIL Desk/Business/New Delhi-The pharma sector is expected to grow by 20 per cent on account of relaxed foreign direct investment (FDI) norms and a separate ministry to focus on the sunrise sector is on the anvil, Chemical and Fertiliser Minister Ananth Kumar today said.

While continuing with 100 per cent FDI under automatic route in greenfield pharmaceuticals, the government had earlier this week allowed 74 per cent foreign investment in brownfield pharma companies through the automatic route.

“The pharma industry is growing by 14 per cent every year. With relaxed FDI norms, I think pharma sector will grow by 20 per cent,” Kumar said on the sidelines of an event here. There is huge potential in the sunrise sector and more investments would boost prospects of growth, he said.