Pharma, IT Companies Waiting For New policy To Return To Andhra Pradesh
Andhra Pradesh has huge potential for pharma industry, pharma industry plans to move to andhra pradesh, pharma industry plans to shift business to andhra pradesh, IT Companies plans to move to andhra pradesh, IT Companies plans to shift business to andhra pradesh
Pharma and IT industries across the country are looking towards the new pharma and IT policies and tax incentives to move base to Andhra Pradesh. Experts say AP has a huge potential for the pharma industry.
Secretary general of All India Drug Controllers’ Federation R. Uday Bhaskar said, “Due to tax exemption, the industry had earlier migrated from Hyderabad to Himachal Pradesh, Uttaranchal and Sikkim. The cost of production in tax-exempted region can differ by as much as 30 per cent when compared to cost of production in other regions. After exemptions decreased in HP, the industry moved to Tripura and Sikkim. If AP gives tax holidays, the North Andhra region, comprising Visakhapatnam, Vizianagaram and Srikakulam, may develop into a good hub of pharma industry.”
“American, Japanese and Germany-based companies are operating in North Andhra. Dr Reddy’s, Aurobindo and Hetero have also set up manufacturing units there. Exports of drugs and import of intermediaries can take place easily due to the Vizag port. After Gangavaram port is developed, solvents can be imported on a large scale. All this will help the industry to grow,” said Mr Uday Bhaskar.