A significant volume of global trade consists of international transfer of goods, services, capital and intangibles. As per the United Nations Practical Manual on Transfer Pricing, 2013, international transfers within MNE group entities which are called intragroup transfers are growing steadily and account for more than 30% of the total international transactions. What is paid by one entity to another entity in the intra-group transfer is called the transfer price. Such transactions are controlled transactions because they are between two associated or connected enterprises as distinct from uncontrolled transactions which are between two entities which are not associated and operate on arm’s length basis. Transfer pricing adjustment enables the tax administration of a country to correct the transfer price and compute the same on arm’s length price, to check, avoid and ensure correct payment of taxes. Arm’s length price (“ALP”) in simple words means the price which a willing buyer would pay to a willing seller in an uninfluenced situation.
ALP is arrived at by applying various methods (discussed below). The gravamen of ALP is that transaction between associated enterprises is compared with the transaction between unrelated enterprises. This process is known as Benchmarking. Detailed Transfer Pricing documents are required to be maintained to substantiate the Benchmarking process. The tax department often challenges the Benchmarking undertaken by the taxpayer, and adjustments are made in transfer price, leading to plethoric income.
Therefore, to eschew litigation, apart from such Benchmarking, the Act also provides Safe Harbour Rules (“SHR”) and Advance Pricing Agreements (“APA”). The purpose of SHR is to ensure that ALP is not intransigent but allow some latitude. APA is an agreement between the taxpayer and the tax department regarding use of preagreed margins for computing ALP.
This article aims to highlight the possible impact of the current pandemic on the determination of ALP.
Impact on ALP computation
Section 92 of the Income Tax Act,1961 (“the Act”) deals with the computation of income from international transactions lays down that any income arising from an international transaction shall be computed having regard to the ALP.
The arm›s length principle as adumbrated in Article 9 of the OECD Model Convention stipulates that «where conditions are made or imposed between two enterprises in their commercial or financial relations which differ from those which would be made between independent enterprises, then any profit which would, but for those conditions, have accrued to one of the enterprises, but by reason of those conditions, having so accrued, may be included in the profits of that enterprise and taxed accordingly.»
Section 92F of the Act defines ALP is the price applied (or proposed to be applied) when two unrelated persons enter into a transaction in uncontrolled conditions.
Section 92C(1) is of significance and relevance as it stipulates that ALP in relation to an international transaction can be determined by any of the five methods specified therein, with authority to the Central Board of Direct Taxes (“CBDT”) to prescribe the sixth method.
The five methods are (a) Comparable Uncontrolled Price Method; (b) RP Method, i.e. Resale Price Method; (c) CP Method, i.e. Cost Plus Method; (d) Profit Split Method; and, (e) TNM Method, i.e. Transactional Net Margin Method. Subsections (1) and (2) to Section 92C casts an obligation on the assessed to compute arm’s length price as per the methods prescribed.
Comparable Uncontrolled Price Method compares price charged for the property or service in a controlled transaction with the price charged for comparable property or service in an uncontrolled transaction in comparable circumstances.
In RP Method, the price paid for the product by an independent third party, i.e. the resale price received by an AE is taken as the basis. A reverse exercise computes the arm’s length price by determining the normal gross profit margin, i.e. gross profit margin, of an unrelated enterprise. Expenses incurred are thereafter, reduced and adjustments for differences in comparable is made to arrive at the arm’s length price.
Cost Plus Method requires determination of the appropriate gross profit margin which would be charged by a comparable and adding the same mark up to the expenditure/cost incurred by the AE to determine the proper profit given market conditions and functions performed. The three methods above are treated as traditional transactional methods.
TNM Method or Profit Split Method are called transactional profit methods or profit-based methods. TNM Method measures the net operating profits realized from controlled transactions. It then compares the profit level to the profit level realized by independent enterprises engaging in comparable transactions. Profit Split Method takes the combined profit earned by two related parties from one or a series of transactions. It then divides those profits using an economically valid defined basis. It aims at replicating the division of profits which would have been anticipated in an agreement made at arm’s length. It requires working back from the profit to the price.
The five methods stipulated in sub-section (1) to Section 92C, are set out and articulated step-wise in detail in Rule 10B of the Income Tax Rules, 1962(“the Rules”).
Be it any of the five methods, the first step to be exercised is to identify the international transaction and the transfer price paid for the same by two AEs. The second step is to carry out functional analysis, i.e. the functions to be performed by the two AEs taking into account the assets employed, risk assumed, the contractual terms, the economic circumstances of the parties and the business strategy pursued by the parties.
On the question of comparability analysis, United Nations’ Practical Manual on Transfer Pricing in paragraph 5.1.1 states that the analysis is used to designate two distinct but related analytical steps. First, being to understand the significant economic characteristic of the controlled transaction between the two AEs and the respective roles of the parties thereto. The second analytical step is the comparison of those conditions of the controlled transactions with uncontrolled transactions, i.e. transactions between the two AEs taking into account the economically significant characteristics of the controlled transactions and the respective roles of the five comparability factors.
The analysis mentioned above, therefore, requires selection of appropriate comparable, i.e. an uncontrolled transaction which is to be compared with a tested party. The comparable can be internal, i.e. one of the AEs enters into a similar uncontrolled transaction with an independent enterprise; or external, i.e. involving an independent enterprise in the same market or industry.
The comparison must be about the comparability analysis as elucidated in paragraph 5.1.1 of the United Nations Practical Manual on Transfer Pricing. In other words, the economically relevant characteristics of the two transactions being compared must be sufficiently comparable. This entails and implies that difference, if any, between controlled and uncontrolled transaction, should not materially affect the conditions being examined given the methodology being adopted for determining the price or the margin. When this is not possible, it should be ascertained whether reasonably accurate adjustments can be made to eliminate the effect of such differences on the price or margin.
Thus, identification of the potential comparable is the key to the transfer pricing analysis. As a sequitur, it follows that the choice of the most appropriate method would be dependent upon availability of potential comparable keeping in mind the comparability analysis, including befitting adjustments which may be required. As the degree of the comparability increases, the extent of possible differences which would render the analysis inaccurate necessarily decreases.
Therefore, the current situation of the pandemic has jeopardized the very basis of comparability exercise based on which the Transfer Pricing is based.
Indeed, transfer pricing is not an exact science but a method of legitimate quantification which requires the exercise of judgment on the part of the tax administration and the taxpayer to have a certain degree of certainty. It is a method and formulabased and, therefore, rational and scientific. However, not being sacrosanct or infallible, first and the second proviso to sub-section (2) along with stipulations in Sub-section (2A) and 2(B) of section 92C posit a ‘getaway’ clause when the arm’s length price so determined and the controlled price does not exceed 5% (reduced to 3% w.e.f. 1st April 2012).
The “gateway” of 5% or 3%, as the case may be, can be applied if the variation in arm’s length price and transaction/ controlled price does not exceed the specified percentage. Sub-section (2A), therefore, stipulates that where the difference exceeds the prescribed rate, the taxpayer would not be entitled to exercise the option under the first proviso to sub-section (2) to Section 92C and claim reduction.
Since the selection of comparable may not give an appropriate picture, therefore, the Government may consider increasing the gateway limit to account for the changed circumstances.
Impact on SHR
SHR were introduced by the CBDT in the year 2009 and provides for circumstances in which a specified category of taxpayers can follow a simple set of rules under which the revenue authorities automatically accept transfer prices.
After its enactment in 2009, the first set of rules were notified in 2013 for three years, followed by a revision in 2017 in the SHR were applicable until FY 2019.
The SHR is applicable on certain eligible international transactions. ‘Eligible international transaction’ means an international transaction between the eligible taxpayer and its associated enterprise, either or both of whom are non-resident, and which comprises of:
(i) provision of software development services;
(ii) provision of information technology-enabled services;
(iii) provision of knowledge process outsourcing services;
(iv) advance of intra-group loan;
(v) provision of a corporate guarantee, where the amount guaranteed,— (a) does not exceed one hundred crore rupees; or (b) exceeds one hundred crore rupees, and the credit rating of the associated enterprise, done by an agency registered with the Securities and Exchange Board of India, is of the adequate to highest safety;
(vi) provision of contract research and development services wholly or partly relating to software development;
(vii) provision of contract research and development services wholly or partly relating to generic pharmaceutical drugs;
(viii) manufacture and export of core auto components;
(ix) manufacture and export of non-core auto components; or by the eligible assessee.
(x) receipt of low value-adding intra-group services from one or more members of its group,
Rule 10TD of the Rules specifies the rates which if shown by the Assessee are accepted by the tax department. For example: The operating profit margin declared by the eligible assessee from the Provision of software development services in relation to operating expense incurred is acceptable, if – (i) not less than 20 per cent, where the aggregate value of such transactions entered into during the previous year does not exceed a sum of five hundred crore rupees; or (ii) not less than 22 per cent, where the aggregate value of such transactions entered into during the previous year exceeds a sum of five hundred crore rupees.
The CBDT has notified changes in SHR vide notification no. 25/2020 dt. 20th May 2020. The notification said that the rates with the changes applicable for AY 2017-18 to AY 2019-20 would continue to apply for AY 2020-21 also, i.e. for the Financial Year 2019-20.
Earlier, these were made applicable for three years. Still, this time the Government seems to have decided to announce only for one year considering that the Covid-19 disruptions would impact businesses in FY 2020-21.
It is, therefore, expected that the minimum rates of profit margins might be reduced when the SHR are notified for the FY 2020-21 as the overall margins of the industries described above have declined.
Impact on Advance Pricing Agreements
An APA is an agreement between the CBDT and any person, which determines, in advance, the ALP or specifies the manner of the determination of ALP (or both), in relation to an international transaction.
The primary objective of an APA is to provide certainty and comfort to taxpayers so that predictable and foreseeable conditions and outcomes can be expected regarding transfer pricing practices. The benefits of an APA are many. The risk of double taxation is eliminated in the bilateral APA. The APA also provides for an agreement on maintenance of documentation, so that the burden of record-keeping is reduced. Further, there is no full-scale transfer pricing audit and only a compliance audit to check the adherence to the agreed terms and conditions.
The APA was introduced in the year 2012 in the Act. The provisions regarding the rollback of the APA were added later in the year 2015.
India has created a legal framework providing for a legally binding agreement between the taxpayer and the CBDT. The Finance Act, 2012, inserted sections 92CC and 92 CD in the Act to provide the legal basis for APA in India. These statutory provisions, effective from 1st July 2012, empowered the CBDT to enter an agreement with any person, with the approval of Central Government, determining the ALP or specifying the manner of determination of ALP in relation to an international transaction to be entered into by that person.
The rules regarding the implementation aspects of the APA Scheme were notified later on 30 August 2012 in the form of Rules 10F to 10T and rule 44GA of the Rules. These provisions lay down the detailed procedures for the filing of pre-filing consultation application, prefiling consultation, fees, the filing of APA application, processing of the application, amendment of application, withdrawal of application, terms and conditions, filing of Annual Compliance Report, Compliance Audit, revision, cancellation and renewal of the APA.
Rollback provisions in the APA Scheme were introduced through the insertion of sub-section (9A) in section 92CC by the Finance Act, 2014. The relevant rules (10MA and 10RA) for the rollback of the APA were notified on 14 March 2015.
A taxpayer would be able to have certainty in matters of transfer pricing for a maximum period of 9 years (prospective five years and four rollback years) by applying for an APA along with an application for the rollback of the APA.
Taxpayers with existing APAs which were entered under the normal circumstances may soon have to grapple with honouring the same. APAs are conditional on a set of critical assumptions, and this crisis may invalidate one or more of the premises for the remaining term of the APA. APAs which are in the stage of negotiation should consider deferring the consultation until the market comes on track for having proper adjustments and/or comparable.
Transfer Pricing Audit compliance
In practice, comparable company financial data are not audited and released until after the end of the applicable fiscal year-end reporting date. Thus, the comparable company information relied upon in setting prices will usually lag behind the tested party data. As such, the most recently available data for analyzing 2020 tested party results contemporaneously will likely be information from 2018 or 2019. It may cause practical challenges concerning comparability, as the economic conditions in 2020 due to the Covid-19 outbreak are very different from those of the immediately preceding years when most industries operated under relatively normal market conditions. Accordingly, comparable company data from the years immediately preceding the downturn years may not provide appropriate benchmarks in economic downturns.
Therefore, the pragmatic approach should be to extend the compliance for audit report by a year or so to get the most appropriate comparable. Otherwise, it will adversely affect the transfer pricing tax regime, resulting in unnecessary litigation on contravention of transfer pricing settled principles. In these odd times, tax authorities may be advised to formulate such exceptions, changes, and measures which taxpayers can undertake on their transfer pricing arrangements to dampen and mitigate the adverse effects on their businesses, to acclimatize with the downturn economy of the world.
The prodigious economic disruption caused due to the menace of COVID, which started in China has brought the whole world on its knees. The tax department has always been very considerate while formulating transfer pricing rules, as evidenced by the introduction of SHR and APAs regimes. Consequently, the taxpayer awaits such an altruistic approach from the administration again as the global outbreak of COVID-19 is already arguably the most socially and economically disruptive worldwide event of our lifetime. As the pandemic persists, it is clear the economic impact of the crisis will worsen. Businesses will suffer, and industries may be transformed in unforeseen ways. From a transfer pricing perspective, it is crucial to understand the implications of this pandemic. Through careful consideration of transfer pricing and economic theory, the evaluation of heuristic approaches, and formulating some mitigating strategies considering all the prevailing factors, will put out intense positive energy.
Adv. Gagan Kumar, a Chartered Accountant and Advocate practices as an Arguing counsel at the Supreme Court & Delhi High Court. He is the founder of Krishnomics Legal
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Partnerships, technology and behaviour change key for agriculture growth, said Union Agriculture Minister
India has the potential to become “aatmnirbhar” in agriculture and also meet the food requirement of the world, said Narendra Singh Tomar, Union Minister of Agriculture & Farmers Welfare.
Speaking during the session, Food for All: From Farm to Fork, during the 3rd edition of LEADS 2022—— a global thought leadership initiative of the industry chamber FICCI, the minister said the country is steadfastly moving ahead in the direction. However, everyone must work together for the goal. “We would like to collaborate. I use this opportunity to invite the international community to join hands with us for the benefit of coming generations,” he said.
He noted that country’s agri exports had crossed the milestone of ₹4 lakh crores. “We are working to increase it further,” he said.
Minister Tomar said that the government is constantly working to make the country “aatmnirbhar”. As a result, Indian agriculture recorded a robust growth of 3.9% despite the pandemic. In addition, the minister reiterated that the government aims to make Indian agriculture internationally competitive by aiding the small farmers in the country. He alluded to several government programmes to reduce farming-related challenges. “Due to increase in investment in basic infrastructures like irrigation system, storage, warehousing, and cold storage, the Indian agriculture is expected to record robust growth in the coming years,” he added.
On occasion, H.E. Mr Damien O’Connor, Hon’ble Minister for Trade & Export Growth; Agriculture; Biosecurity; Land Information & Rural Communities, New Zealand, alluded to the challenge emanating from climate change. “agricultural emissions from livestock are a real challenge for New Zealand and food systems around the world. It contributes 35% to the global greenhouse gas emissions and 48% to New Zealand’s emission profile.”
He also alluded to Global Research Alliance and encouraged Indian parliamentarians “to look at investigating partnering up with a Global Research Alliance” to gather global technologies “in a way that is not seeking to maximise commercial benefit but to maximise the climate change benefit from this collaboration.”
Sanjiv Mehta, President, FICCI and CEO & Managing Director, Hindustan Unilever Limited (HUL), said achieving food and nutrition security is a multifaceted challenge. “Food systems can play a big role in protecting food security and nutrition if careful attention is paid to targeting the poor, reducing inequalities, including gender inequality and incorporating nutrition goals and actions were relevant.”
Dr Anish Shah, Vice President, FICCI and Managing Director and CEO, Mahindra & Mahindra, said the world will have 10 billion people by 2050. “Today, we do not have enough food to provide for everyone, so we have to do a number of things to feed everyone.” He pointed to three themes that can help address the challenge. The first is partnerships to reduce carbon footprint and improve productivity. Second, adopting technology to transform agriculture and thirdly, inducing behaviour change.
Sunny Verghese, Co-Founder and Group CEO, Olam International, said, the biggest priority is to help decarbonise.
Digital Agriculture Mission to digitalise the farmer: Manoj Ahuja, Secretary, Agriculture
Contextual and correct information to anybody associated with agriculture has the potential to unlock a lot of value, said Manoj Ahuja, Secretary, Union Ministry of Agriculture & Farmers Welfare, at the Release Ceremony of the FICCI compendium on “Enhancing Farmers’ Income”.
In this regard, Ahuja alluded to the Digital Agriculture Mission, which essentially tries to digitalise the farmer in terms of identity, linking up the farmers’ land and geo-referencing it, and crops grown. “These are some of the basic things we are trying to put in the agristack,” he said. “We have made some headway; hopefully, next year, we should show substantial results,” he added.
Ahuja said, “I’m seeing the benefits information contextualised to the various partners in the agricultural ecosystem can bring”.
On occasion, Samuel Praveen Kumar, Joint Secretary, Union Ministry of Agriculture & Farmers Welfare, spoke on backstopping agriculture startups that are coming up with innovative technologies and solutions to enhance farm incomes. In this regard, Mr Kumar alluded to the three C’s— convergence, capacity building, and collectives like (FPOs and cooperatives) as the vital elements.
Elaborating on convergence, Kumar said, “if the government can package the schemes in such a manner that you give more benefits, in a unified manner to the businesses or startups, I think they will be able to sustain their business.” Similarly, on capacity building, he noted, “when we talk about capacity building for farmers or extension workers, it’s not like that. It is for everybody in the ecosystem.” Mr Kumar also alluded to developing climate-resistant crops, reducing carbon footprints using technology, and developing infrastructure.
Elaborating on the compendium, TR Kesavan, Chairman, FICCI National Agriculture Committee & Group President, TAFE, noted the need to document the best practices and give them to people so that “people can touch, feel, do and understand the practices.” He added, “small and marginal farmers are going to be one of the greatest strengths of the country. Some of the case studies in the compendium tell how they are changing.”
The FICCI compendium of guidelines presents select case studies, and successful projects and interventions rolled out by various organisations in achieving higher crop connectivity, resource use efficiency, cropping intensity and diversification towards high-value agriculture.
Supreme Court: An Order Is In Given Factual Circumstances; Judgement Lays Down Principles Of Law
The Supreme Court in the case Akil Valibhai Piplodwala observed and has issued a notice on a petition filed by a man seeking a direction that he should not be deported to Pakistan until his claim to be an Indian citizen is decided as per Section 9(2) of the Citizenship Act, 1955.
The bench comprising of Justice Surya Kant and the Justice J. B. Pardiwala observed and has also issued status quo in the matter. Thus, the notice on the plea has been issued to the District Superintendent of Police (Godhra), State of Gujarat and the Ministry of Home Affairs, Union of India.
According to the plea, the was born at Godhra, Gujarat in 1962 and had completed his education in India. The petitioner moved to Pakistan in 1976 but in 1983 he returned to India and got married at Godhra to an Indian woman on 2nd March 1984 and had three children from the wedlock. Thus, the petitioner again went away and finally returned to India in 1991 after obtaining all the requisite permits including a residential permit and continued to reside in India with his family.
However, out of fear of getting deported, the petitioner moved a regular civil suit before the Court of Civil Judge praying to declare him a citizen of India under Section5(1)(C) of the Indian Citizenship Act, 1955 since he was married to an Indian citizen. It is also prayed by him to restrict authorities from deporting him till his application under Section 9(2) of the Act is decided by the Union of India. In 1999, it was held by the Civil Judge that the Court did not have jurisdiction to decide the citizenship of the Petitioner. However, the decree was allowed by the Civil Judge partly to direct that he should not be deported back until his application under the Citizenship Act is decided.
Further, after the period of 4 years, the Union of India preferred a delayed appeal under Section 96 of CrPC against the order of the Civil Judge before the Principal District Judge. On 12.07.2022, the District Judge set aside the decree passed by the Civil Judge.
The petitioner being aggrieved by the order of the District Judge, moved the High Court of Gujarat. On 02.08.2022, the High Court dismissed his appeal holding that no substantial question of law arose.
Senior Advocate IH Sayed, appearing for the petitioner submitted that the High Court disregarded the fact that the Petitioner has been rendered vulnerable to deportation and if he is not protected till his application is adjudicated upon it would be violation of the procedure established by the principle of law.
The present petition was filed through Advocate Taruna Singh Gohil.
Delhi HC Asks Centre: What Is The Procedure For Undertrial Foreign Nationals’ Visa Renewal?
The Delhi High Court in the case Uchenne v. State observed and has directed the Centre to place on record the necessary steps and procedures required to be followed by foreign nationals, who are in the jail as undertrials, for renewal of their visas.
The bench comprising of Justice Jasmeet Singh observed while dealing with a plea filed by a foreign national seeking bail in an NDPS case, said there are many foreign nationals lodged in the national capital’s prisons, whose visa applications have not been processed.
The court stated that he i.e., the Central Govt Counsel shall also place on record necessary steps and procedures so that foreign nationals who are in jail as undertrial know the procedure for renewal of their visas. The Uchenne, accused had moved the High Court last year wherein seeking regular bail in an FIR registered under Section 21 of the Narcotic Drugs and Psychotropic Substances Act, 1985. Thus, after the completion of investigation, charge-sheet was filed under Section 21 of the NDPS Act as well as Section 14 of the Foreigners Act.
It was observed that Section 21 of the NDPS Act states punishment for contravention in relation to manufactured drugs and preparation, Section 14 of Foreigners Act provides various penalties under the statute, in case of violation of any of the provisions.
The Additional Public Prosecutor on March 30, told the court that before proceeding with the bail matter, accused’s visa needs to be re-validated. The Advocate J.S. Kushwaha appearing for the foreign national submitted before the Court that although his passport was renewed, he is required to be taken to the Foreign Regional Registration Office (FRRO) for visa renewal on April 29.
Accordingly, it has been directed by the court to Uchenne to complete all procedural formalities and ordered that he be taken to the FRRO in accordance with law and established procedures.
On August 2, over three months, Uchenne’s counsel apprised the Court that despite earlier orders, his visa was neither renewed nor any reasons were given regarding the delay or rejection. Also, the court was informed that Uchenne had applied for visa on January 28, in 2019.
However, during the recent hearing on September 19, it was sought by the Centre’s counsel seeking further time to get instructions in writing from FRRO before the next date of hearing.
Accordingly, the court listed the matter for hearing next on October 10.
“Indian Pharma aspires to reach 400 billion dollars by 2047,” MoS of Chemical and Fertilizer
To commemorate the 100 years of independence, the Central government has begun working on a vision plan for a ‘future-ready India’. In this context Confederation of Indian Industry (CII) organised the 4th Life Sciences Conclave with the theme “Roadmap for Indian Life Sciences @ 2047”. A white paper released by CII on the Way Forward for lifesciences. To achieve the biggest milestones in the lifesciences and Pharmaceutical sectors over the next 25 years, India needs to focus on four strategies; Innovation & Commercialisation, Sustainable Production, Internationalisation and create a Business Environment and develop the lifesciences infrastructure and regulatory frameworks for ease of doing business.
Speaking at the virtual platform, Bhagwanth Khuba, MoS Chemical & Fertiliser and Ministry of New and Renewable energy, said in his message“ The Indian pharmaceuticals market has characteristics that make it unique. . India plays an important role in manufacturing various critical, high‐ quality and low‐cost medicines for Indian and global markets. The industry has contributed immensely not just to Indian but to global healthcare outcomes. The sector forms a major component of the country’s foreign trade as well, with attractive avenues and opportunities for investors. The outbreak of the COVID-19 brought out the risk of disruption of supply chain of critical bulk drugs for the Indian pharmaceutical sector, highlighting the need for India to attain a sufficient degree of self-reliance in bulk drugs. In this regard the Department of Pharmaceuticals prepared two schemes for promoting domestic manufacturing of critical KSMs/ Drug Intermediates and APIs by attracting investments in the sector to ensure their sustainable domestic supply and thereby reduce India’s import dependence on other countries for critical KSMs/Drug Intermediates and APIs.”
S Aparna, Secretary, Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers said, “ Showed three important routes to bring mainstream of lifesciences research that are biosimilars and RNA vaccines, stem cell and gene therapy and ability to bring natural products.
Inclusion, Innovation and Integration are the key words
Dr V.K Saraswat, Member, NITI, Aayog said, that the emerging important areas are genome sequencing, DNA splicing, CRISPR CRAS are the fastest growing domains. With development of nano robotics, transgenic free varieties of GM food will be common entity in future. Agriculture scientists will develop edible vaccines. Precision agriculture, genome engineering will help in innovative technology. Early intervention and better prognosis of diseases will drive the lifesciences sector. Another field emerging is tissue engineering in generating artificial organs. India needs to secure rich biological wealth. Lifesciences is an important part of healthcare and projected to touch 150 billion dollar by 2025. Some of the initiatives have taken place in the last decade has broadened the scope. Investment is key. Private equity firms are going to bolster new areas. Sustaining position in novel vaccine, reducing morbidity and mortality. Ethical policy development and venture technologies are important areas
Vivek Kamath, Co-Chairman CII National Committee on Pharmaceuticals & Managing Director Abbott India Ltd, said, “ Healthcare is one of the priority sectors for 2047. Government through various policies and schemes are encouraging of an efficient lifesciences sector. The covid affected the healthcare sector but gave opportunity for the industry to transform. One key word that came up during the pandemic was ‘collaboration’ that helped in combatting the pandemic. Collaboration can become a burning desire
Satish Reddy, Chairman, Dr Reddy’s Laboratories, mentioned, “ We are in the 75th year of independence and the theme of the conclave resonates very well with what the industry has to achieve. All around the globe 20% of generic medicines are made in India. Aspiration is to reach 400 billion dollars by 2047. One area where we are aspiring to be demonstrating capability is in innovation. Need to disrupt existing ways. There is immense opportunity in expanding the entire lifesciences biosimilars innovation. Success eludes us. We have the ability for new drug discovery as well as achieve discovery of newer molecules. For this adequate funding and investments are required as well as tax rebates for R&D. Also there is a need for industry academia collaboration for translational research.
Dr Renu Swarup said “Moving to the next 25 years we need to leverage on the opportunities we have built for ourselves but cannot be based on an incremental increase of what we have done. We have to keep up with the pace of technology. Collaborations are the key to success and there need to be convergence in research.”
At the platform CII and Cadila Pharma launch joint national campaign for rabies-free India by 2030. As a part of the campaign to make India rabies-free by 2030, several activities for awareness and prevention of rabies will be undertaken at the national and state level under the aegis of the government of India.
By 2047 we will see the beginning of a demographic, epidemiological and environmental shifts so we should be ready with Lifecourse immunisation.- UNICEF.
Top opposition leaders gather at INLD rally to challenge ‘Delhi Sultanate’
Sharad Pawar, the head of the NCP, Nitish Kumar, the chief minister of Bihar, Sitaram Yechury, and Sukhbir Singh Badal, the leader of the Shiromani Akali Dal, were among the prominent opposition figures that attended the INLD’s large gathering on Sunday in Fatehabad, Haryana.
JDU leader KC Tyagi addressed the crowd and claimed that the Bihar CM has come from Patna to challenge the Delhi Sultanate at a time when eight former Congress CMs had switched to the BJP. He claimed that Kumar has no fear of the ED, the income tax, or any other organisations.
To commemorate the birth anniversary of Devi Lal, the founder of the INLD and a former deputy prime minister, a rally is being conducted.
Tejashwi Yadav, the deputy chief minister of Bihar and the head of the RJD, as well as Arvind Sawant of the Shiv Sena, also showed up at the gathering to demonstrate the unity of the opposition.
The coming together of so many regional satraps is seen as part of efforts to forge opposition unity. Kumar and RJD president Lalu Prasad are likely to meet Congress president Sonia Gandhi after the rally to take the process forward.
Veteran socialist leader Tyagi had already declared that the gathering would be historic because it would unite like-minded forces against the BJP in the run-up to the 2024 Lok Sabha elections.
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