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India could potentially account for 8-10 per cent of work share outsourced to CDMOs globally by 2033, an outcome of a significant amount of work shifting from EU and the US to Asia, a report by McKinsey & Company has said. The global CRDMO (Contract Research Development & Manufacturing Organisation) industry is about to witness a re-distribution of outsourcing work across several Asian countries, with India and Korea emerging as new powerhouses by 2033, the report said. According to a McKinsey analysis, by 2033, India could potentially account for 8-10 per cent share of work outsourced to CDMOs globally. "This growth is largely driven by the evolving geopolitical environment with most Indian CRDMOs expecting 20-40 per cent of their new business to stem from these changes," the survey stated. As per market estimates, the global CDMO industry is estimated at USD 224 billion which is expected to rise to USD 465 billion by 2032. McKinsey & Company Partner Anirudh Roy Popli ...
The Centre has asked states to incorporate certain provisions in the contracts of outsourced workers to protect their rights amid concerns about underpayment of wages and other benefits. The Ministry of Labour and Employment recently incorporated six statutory obligations on GeM (Government e Marketing) portal in the contract of hiring manpower through outsourcing agencies in Government of India offices in order to protect the interest of the contractual workers, a labour ministry statement said. Of late in a letter addressed to Chief Secretaries/Administrators of all States/UTs, Union Labour Secretary Arti Ahuja has expressed concern about the underpayment of contractual workers engaged in State/UT offices through outsourcing agencies due to unauthorized deduction in wages of such workers made by the manpower hiring agencies. Further, she also expressed concern of the delayed payment of monthly wages to such workers by the agencies and low deposit of EPF (Employees Provident Fund