The Indian government has given the green light for the export of 25,000 metric tonnes of pharma-grade sugar annually under a restricted category, aiming to boost the country's pharmaceutical industry.
In a significant move to bolster its position as a global pharmaceutical hub, the Indian government on June 17, announced the permission for bonafide pharma exporters to export 25,000 metric tonnes (MTs) of high-quality pharma-grade sugar per financial year. This decision, issued via a notification from the Directorate General of Foreign Trade (DGFT), falls under a restricted export authorization category, ensuring controlled and strategic outbound flow of this specialized product.
Pharma-grade sugar is a meticulously manufactured product that adheres to stringent quality standards, essential for various pharmaceutical applications. The new policy is expected to benefit Indian pharmaceutical manufacturers by providing them with an opportunity to tap into international markets for this specialized raw material, further strengthening the "Make in India" initiative. This move could potentially open up new revenue streams for sugar manufacturers who produce this high-grade variant.
In a related development aimed at streamlining and promoting international trade, the DGFT had earlier, on June 13, unveiled the "Source from India" feature on the Trade Connect ePlatform. This innovative digital platform is designed to be a comprehensive resource hub for global trade, acting as a crucial bridge between various stakeholders. These include Indian Missions Abroad, Export Promotion Councils, EXIM Bank, the Department of Commerce, and the DGFT itself.
The "Source from India" feature is a game-changer for international buyers seeking reliable Indian exporters. It provides a centralized reference point, allowing buyers to easily identify and connect with verified Indian suppliers. Exporters are now able to create personalized "micropages" on the platform, where they can detail their product offerings and highlight their entity's credentials.
To ensure a smooth rollout, the DGFT initially invited Three-, Four-, and Five-star Manufacturer exporters to create their "Source from India" micropages on a pilot basis. This phased implementation allows for testing and refinement of the feature before a wider launch.
Indian Missions Abroad have also been strategically briefed and encouraged to utilize the "Source from India" feature as a primary reference tool. This will enable them to effectively assist foreign buyers who are on the lookout for Indian suppliers across a diverse range of products.
Both the permission for pharma-grade sugar exports and the launch of the "Source from India" platform underscore the Indian government's commitment to boosting its export capabilities and fostering a more connected and efficient global trade ecosystem.
