Exports from Indore Special Economic Zone in Madhya Pradesh declined by 9.25% to Rs 12,948 crore in the last financial year due to a fall in pharmaceutical shipments.
An official of the Union Ministry of Commerce and Industry on Wednesday said that during the financial year 2023-24, exports worth Rs 14,265.63 crore were reported from Indore SEZ, which has factories for different products.
The official said that medicines account for about 70% of the exports from Indore SEZ and the US is among the top importers of these medicines.
'During the financial year 2024-25, the exports of SEZ were affected due to the obstacles related to getting approval from the United States Food and Drug Administration (USFDA) for some products of a major drug manufacturing unit of Indore SEZ. International orders of some other drug units of the SEZ also declined,' the official told PTI.
He said that Indore SEZ, spread over 572 hectares in Pithampur industrial area, hosts 59 plants across sectors, including drug, packaging material, engineering, textile manufacturing and food processing. Of these, 22 units are from the pharmaceutical sector alone.
Gautam Kothari, President of Pithampur Industrial Organization, said, 'The US is the main importer of generic drugs made in Indore SEZ.'
Even if the US imposes tariffs on generic drugs made in India in the coming days, it will not make much difference to the export of these drugs in the long run, he added.
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