New Delhi, Feb. 23 -- India is increasingly making a mark in the global pharmaceutical Contract Development and Manufacturing Organization (CDMO) sector while rapidly scaling up its production in fine chemicals, agrochemicals, and specialty chemicals, said a report by Nuvama.

The report added that this growth is supported by government incentives and lower operational costs, making India an attractive alternative to Europe, where several factors--such as higher energy and labor costs--are eroding its competitive advantage.

Multinational companies are shifting production to India, signaling a changing global landscape.

"Many multinational firms are shifting production to India, further eroding Europe's market position. Higher costs of e...