Business Daily from THE HINDU group of publications
Thursday, Nov 29, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Thursday, Nov 29, 2007 ePaper | Mobile/PDA Version |
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Industry & Economy
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Pharmaceuticals Pharmexil urges Centre to extend EoU sops Our Bureau Hyderabad, Nov. 28 Pharmexil has decided to urge the Centre to extend export-oriented unit (EoU) concessions beyond 2009 and allow pharma companies to set up units in special economic zones. This is part of the efforts of the pharma body to impress the Centre on the need to support the country’s pharma and drug companies, which are reeling under the impact of the rising rupee. As a follow up action, it would also present a memorandum to the Director General of Foreign Trade (DGFT), according to the newly elected Chairman of Pharmexil, Mr Venkat Jasti. Speaking to Business Line on the sidelines of a Pharmexil seminar, Mr Venkat Jasti, Vice-Chairman and CEO of Suven Life Sciences Ltd, said the rising rupee during the year has been the single biggest concern for pharma sector and has sliced about 15 per cent of the overall profits. After the technology sector seeking Union Government support to extend STPI Sun-set clause beyond 2009, the drug and pharma sector would also seek the extension of concessions provided for EoUs. They also want Government nod for locating their companies in the special economic zones. The overall exports of pharma sector were about $6.13 billion during 2006-07 and is projected to grow by about 15 per cent. This constituted about 5-6 per cent of the total country’s exports of about $125 billion. Despite this performance, the pharma sector is not in the list of nine sectors which have been identified for concessionaire to tide over the surging rupee and impact on forex, he said. More Stories on : Pharmaceuticals | Exports & Imports
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