It is also proposed that the Budget will bring 6 lifesaving medicines into a list that would draw concessional custom duty of 5 percent.
The above will also be respectively exempted with Full exemption and concessional duty on the bulk drugs to be used in the manufacturing process.
The Budget seeks to include 37 additional medicines and 13 new patient assistance programmes to the list.
2047 pharma exports of India
Exports of India pharmaceutical industry are estimated to be at 350 billion by 2047.
It would be an estimated 10-15 folds growth level at present.
India is ranked at number 11 in value of pharmaceutical export and India has the potential to help it to be one of the top five countries by 2047.
Pharma exports by the country are estimated to increase to around $65 billion by the year 2030, upwards of the current amount of around $27 billion.
The current exports of Active Pharmaceutical Ingredients (APIs) are at an amount of $50 billion.
It is expected that in 2047 it will amount to 80-90 billion dollars.
It is projected that currently valued exports on Indian biosimilar, owing to the large customer base in mature markets, will accrue exponentially fivefold to US$4.2 billion by 2030 and reach US 30-35 billion by 2047.
AFA International Transactions
RBI decided to mandate Additional Factor Authentication (AFA) to cross-border, “Card Not Present” (CNP) transactions.
AFA has already established its efficacy of curbing fraud in the domestic digital payment system.
So far, AFA had not been required at international level.
AFA will now be mandatory during registration, modification or deletion of a mandate.
In the new system, even Customers utilizing auto-debits will have to authorize the payment through an OTP or any other authentication technology that has to be prescribed by the bank.
NDS-OM platform
RBI will give non-bank brokers listed in the SEBI access to the Negotiated Dealing System-Order Matching (NDS-OM) electronic system.
NDS-OM (RBI run), is an execution less anonymous order matching system (secondary market trading) in government securities (G-Secs).
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