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Pharmaceutical/Healthcare
“Pivot from generic drugs to an innovation-centric pharmaceutical economy”
- Parallel submissions for manufacturing and marketing approvals permitted.
- Ministry of Health’s notification categorising medical devices as 'drugs' upheld.
- Draft National Pharmacy Commission Bill 2023 introduced to replace the Pharmacy Act 1948.
- Launch of the National Medical Devices Policy 2023 to fuel production linked incentives, encourage domestic manufacturing and attract foreign investments.
- ‘Good Manufacturing Practices’ aligned with global standards.
- Affidavits on the mechanism for price control of life saving and essential drugs filed by the Indian government, pending decision of the courts.
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Food Tech/E-Commerce/Consumer
“Shift from a controlled seller’s market to a buyer’s market”
- FSSAI advises E-Commerce platforms to ensure appropriate categorisation of food products sold on their websites.
- Ongoing deliberations to liberalise FEMA guidelines to facilitate E-Commerce exports.
- Guidelines issued for TDS on payments by E-Commerce operators.
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Electronic Vehicles
“India to become ‘the’ manufacturing destination for EVs”
- No upper ceiling on the investment under the E-Vehicle Policy likely to attract investments in the e-vehicle space. Manufacturers permitted to import fully built EVs at concessional import duty rate.
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Financial Services
“India’s financial landscape is up for imperative changes”
- Introduction of scale-based regulatory framework for NBFCs to bring an end to the basic categorisation.
- Revised regulatory framework for HFCs and NBFCs on the cards to bring about parity by taking HFCs on a ‘level playing field’ with all NBFCs.
- Press release by the RBI to bring an administrative ease by launch of an online portal, 'PRAVAAH' for approval of 50+ applications, development of a mobile application for RBI retail direct portal and introduction of Fintech repositories for fintech and RBI regulated entities.
- Legal Entity Identifier now mandatory for entities with listed or to be listed debt securities.
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Manufacturing
“Performance linked incentives drive investors towards the manufacturing sector”
- 100% FDI permitted under the automatic route in the space sector for manufacturing of components and systems / sub-systems for satellites, ground segment and user segment.
- The National Manufacturing Competitiveness Council set up to provide a forum for policy dialogue to energise and sustain growth of manufacturing industries.
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Insurance
“Overhaul of India’s insurance regulations: from complexity to clarity”
- Streamlining and consolidation of ~72 insurance legislations into 9 regulations by the IRDAI to ensure seamless insurer registration, listing of insurers on stock exchanges, and foster a conducive regulatory environment.
- Launch of IRDAI controlled marketplace, ‘Bima Sugam’ as a ‘one stop shop’ for prospective insurance holders’ policy needs and cheaper insurance penetration in India.
- Active steps by IRDAI to pivot towards a 100% cashless claim settlement.
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What to Expect?
- Cross border transactions expected to be liberalized to bolster foreign investments.
- Clarifications on Press Note 3 of 2020 to ease issues faced by investors.
- Relaxation in sectoral conditionalities to diversify investing focus in India.
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