Make in India: Investment opportunities

Modi meets industry leaders in Japan, invites them to invest in India

New Delhi, May 23 (IANS) Visiting Prime Minister Narendra Modi, who arrived in Tokyo on Monday on a two-day visit, met three important business leaders of Japan and invited them to invest in India. Shortly after his arrival, Modi first met Nobuhiro Endo, the Chairman of NEC Corporation. The Prime Minister lauded the NEC's role in India's telecommunication sector, especially in undertaking Chennai-Andaman & Nicobar Islands (CANI) and Kochi- Lakshadweep Islands (KLI) OFC projects. He also highlighted India's investment opportunities under the Production Linked Incentive (PLI) scheme.

During the meeting, they discussed various reforms being undertaken to enable ease of doing business in India including in industrial development, taxation and labour. They also discussed opportunities in India in new and emerging technologies. According to the Prime Minister's Office (PMO), Endo spoke about opportunities in India in areas such as smart cities, emerging technologies and an innovative effort to encourage learning of Japanese in India.

Modi also met Osamu Suzuki, senior advisor of the Suzuki Motor Corporation, and discussed further investment opportunities in India including setting up of production facilities for electric vehicles and batteries as well recycling centres, for realizing the goal of sustainable growth.

They also discussed strategies for building the local innovation system in India, including skill development through Japan- India Institutes of Manufacturing ( JIM) and Japanese Endowed Courses ( JEC). Recalling Suzuki's association and contribution in India, Modi appreciated the transformational role of Suzuki Motors in the automotive industry of India. He also appreciated that Suzuki Motor Gujarat Pvt Ltd. and Maruti Suzuki India Ltd were among the applicants approved under Production Linked Incentives (PLI) scheme in automobile and auto component sector. According to the officials in PMO, after meeting Modi, Suzuki said: "Reforms undertaken by PM Modi are indescribable and these reforms are changing India into a 'Model Landscape' while the self reliance (Aatmanirbhar) theme is supported by the Japanese's investors very strongly." Modi also held two other meetings with Tadashi Yanai, Chairman, President and CEO of Uniqlo, a Japanese casual wear designer, manufacturer and retailer; and Founder of SoftBank Group Masayoshi Son.

During their meeting, Yanai appreciated the entrepreneurial zeal of the people of India and said: "We can focus on end to end products i.e. from plant to design to fabric. We want to make growth in India. IT talent in India is excellent... I just want to say, 'Let's Do it'." On his part, Modi asked Yanai to take part in the PM- Mitra scheme aimed at further strengthening the textiles sector. said the PMO.

Meanwhile, the Prime Minister and the Softbank Group founder discussed subjects like India's strides in the world of StartUps, opportunities in research, technology and ways to boost investment linkages.

Modi arrived here on a twoday visit at the invitation of his Japanese counterpart Fumio Kishida. He is scheduled to participate in the third Quad Leaders' Summit in Tokyo on Tuesday along with US President Joe Biden, Australian Prime Minister Anthony Albanese and Kishida. Modi and Kishida will also hold a bilateral meeting.

Indian pharmaceuticals - a formula for success

The Indian Pharmaceuticals industry plays a prominent role in the global pharmaceuticals industry. India ranks 3rd worldwide for production by volume and 14th by value. The nation is the largest provider of generic medicines globally, occupying a 20% share in global supply by volume, and is the leading vaccine manufacturer globally. India also has the highest number of US-FDA compliant Pharma plants outside of USA and is home to more than 3,000 pharma companies with a strong network of over 10,500 manufacturing facilities as well as a highly skilled resource pool.

The pharmaceutical industry in India offers 60,000 generic brands across 60 therapeutic categories. Major segments include generic drugs, OTC Medicines, API/Bulk Drugs, Vaccines, Contract Research & Manufacturing, Biosimilars and Biologics.

> Incentives worth INR 21,940 Crore ($3 Mn) are approved

> Expected to reach $65 bn by 2024, and ~$120-130 bn by 2030

> Growth rate 10-12%

> Cost of manufacturing ~ 33% lower than western markets

18.7% year on year export growth

India is the 4th largest Asian medical devices market after Japan, China, and South Korea and among the top 20 global medical devices markets in the world.

Indian pharma companies enabled by their price competitiveness and good quality, have made global mark, with 60 per cent of the world’s vaccines and 20% of generic medicines coming from India.

100% Foreign Direct Investment (FDI) in the Pharmaceutical sector is allowed under the automatic route for greenfield pharmaceuticals.

100% FDI in the pharmaceutical sector is allowed in brownfield pharmaceuticals; wherein 74% is allowed under the automatic route and thereafter through the government approval route.