Opportunities for India in generic drug space
21 March 2007
The global ambitions of Indian companies, underpinned by unprecedented overseas acquisitions, are now playing out in the pharmaceutical industry, says Bundeep Singh Rangar, chairman of the UK-based IndusView Advisors.
India is expected to become the world's second largest economy by 2050. Booming technology exports, rising domestic consumption from a burgeoning 300 million-strong middle class and macro economic reforms are the key drivers behind the 9 per cent annual growth of India's $800-billion economy. The Indian economy is on the threshold of unlocking huge opportunities for international investors keen to become part of the India growth story.
There is a growing realisation across the board that economies need to co-exist: if one segment of it serves as the market for the other, the other serves as the source of expertise and economical, efficient, manpower and resources.
Under this changing scenario, the Indian economy that has grown at more than 9 per cent in the last couple of quarters has been at the centre stage and focus of the governments and global companies alike. This is the sixth quarter out of the past seven that GDP growth has exceeded 8 per cent and was among the strongest increases the country has ever recorded.