Topic: Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment.
6. Explain and assess India’s potential to be the “pharmacy of the world”. (250 words)
Reference: Indian Express
Why the question:
Economic Survey analysis shows that India has the potential to be the ‘pharmacy of the world’. The provision of COVID-19 vaccine to other countries has made India the epicenter for its manufacturing.
Key Demand of the question:
One is
Directive:
Explain – Clarify the topic by giving a detailed account as to how and why it occurred, or what is the particular context. You must be defining key terms where ever appropriate, and substantiate with relevant associated facts.
Structure of the answer:
Introduction:
Start with some key data on current status of Indian pharmaceuticals.
Body:
Indian pharmaceutical sector has high value of trade specialization coefficient (TSC), closer to one, consistently from 2014-15. The value of TSC lies between -1 and 1, wherein a higher TSC value denotes stronger export competitiveness of the country.
Discuss the facts that make India a strong pharmaceutical hub for the entire world such as – significant raw material base and availability of a skilled workforce, one of the lowest manufacturing costs in the world etc.
Then present some data to provide for comparison with other leading countries and explain how still India holds a better place.
Conclusion:
Conclude with need to focus and emphasize on the need for govt. to recognise its significance and take necessary steps in this direction.
