According to a separate government report, India’s pharmaceutical industry is a global powerhouse, ranking third in the world by volume and 14th in terms of production value. The industry is projected to grow to USD 130 billion by 2030 and a USD 450 billion market by 2047. 15,000 crore) and the Strengthening of Pharmaceuticals Industry (SPI) scheme (Rs. “There will, therefore, be no Tariff on these Pharmaceutical Products if construction has started. Additionally, we will be charging a 30 per cent Tariff on Upholstered Furniture.- With Inputs From ANI.