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Director General of Pharmaceuticals Export Promotion Council of India (Pharmexcil) -- Udaya Bhaskar has said pharmaceutical exports from India registered a growth of 4.22 percent to reach $14.57 billion during the April-October period of current finical year (FY23) despite a negative trend last month.

In October, exports fell by 5.45 per cent to $1.95 billion. He said strengthening of dollar against the currencies of some of the key countries has also resulted in decline in exports during October besides the sanctions resulting from the Russia-Ukraine war. Further,  Bhaskar said he is hopeful of ending the current fiscal at around $27 billion as against $24.62 billion during the last financial year.

Besides, he said ‘Our exports in the category of vaccines are in a very bad shape. Despite the above and Russia-Ukraine war factors, we are on a positive side.’ India's overall exports contracted by 16.65 per cent to $29.78 billion in October 2022 as compared to the last year's period, according to data released by the Ministry of Commerce recently. During April-October 2022, exports recorded a growth of 12.55 per cent to $263.35 billion.