APIs Imports from China

• Active Pharmaceutical Ingredients (APIs) are the biologically active components in finished drug formulations; India — the "pharmacy of the world" in formulations — remains structurally dependent on China for bulk drugs/APIs and Key Starting Materials (KSMs).
• Strategic vulnerability: high import concentration from a single geopolitical rival creates health-security, supply-chain and forex risks, prompting the Atmanirbhar Bharat push in pharma since 2020.