The Pharmaceuticals Export Promotion Council of India (Pharmexcil) wants members to suggest changes to tax laws governing pharmaceutical exports ahead of India’s next budget.
According to a letter posted on the Pharmexcil website the Indian Department of Commerce is seeking Pre-Budget Proposals for 2013-14 from the pharmaceutical Industry, which the organisation thinks is a good opportunity for the sector.
“Since it would be right opportunity to make suggestions for inclusion/deletion/modifications of any Direct and Indirect Taxes in the Union Budget for 2013-14, members are requested to send their proposals … which will be compiled and forwarded to the Department of Commerce for their consideration and recommendations to Finance.”
The deadline for submission is September 30.
In a separate announcement Pharmexcil has asked members to consider the opportunities available to them in Sri Lanka, ahead of a networking event it is co-hosting with the Indian High Commission and the Sri Lanka Chamber of Commerce next week.
In a statement on its site Pharmexcil stated that: “[The] Government of Sri Lanka is offering many incentives for Joint Ventures in Pharmaceutical sector,” adding that “members who are interested to promote their exports and also enter into Joint Ventures with Sri Lankan companies, are advised to make use of this opportunity.”
The comments come just days after Anand Sharma, Indian Commerce minister, announced plans to support the development of a pharmaceutical production hub in Sri Lanka with the aim of doubling bilateral trade – currently worth around $5bn - by 2015.
“India and Sri Lanka will work together towards the establishment of a Pharmaceutical manufacturing hub in Sri Lanka capitalising on the vast strides made by Indian Pharmaceutical industry in meeting the quality drug requirements worldwide at affordable prices.”
Sharma was speaking at the "India Show-Land of Limitless Opportunities" exhibition in the Sri Lankan capital Colombo last week, where he also announced plans to support the development of manufacturing Sri Lankan hubs for a number of other industries .