Explanation:

• Indian pharmaceutical industry is third largest in the world, in terms of volume, behind China and Italy and 14th largest in terms of value. India almost doubled its share in world pharma exports in a span of ten years from 1.4 per cent in 2010 to 2.6 per cent in 2019.
• Indian pharmaceutical industry is currently valued at US$ 41 billion and is expected to grow to US$ 65 billion by 2024 and about US$ 120-130 billion by 2030. A significant raw material base and availability of a skilled workforce have enabled India to emerge as an international manufacturing hub for generic medicines. Further, India is the only country with largest number of US-FDA compliant pharma plants (more than 262 including APIs) outside of USA.