more-inThe Pharmaceuticals Export Promotion Council of India (Pharmexcil) has welcomed the Budget proposal reducing the corporate tax rate to 25% for companies up to ₹250 crore turnover, even while expressing disappointment that several demands of the pharma industry had remained largely unaddressed. Director General Udaya Bhaskar said the reduction in the levy, from 30%, which hitherto was applicable to only companies with a turnover of up to ₹50 crore, was a positive factor for MSMEs in the pharma industry. Such measures were important to stay competitive in the overseas market, given the uncertain global climate, he said, pointing to the intense competition, pricing and regulatory pressure faced by the pharma industry in domestic and international markets. “These demands remained largely unaddressed, giving no specific reason to cheer for the industry as a whole in 2018–19,” he said in a release. The long-cherished demand of creating pharma clusters were also not addressed in the Budget, he said.

Source: The Hindu February 01, 2018 18:00 UTC