The Indian Pharmaceutical industry has become the third largest in world in terms of volume and ranks 14th in terms of value at over Rs one lakh crore, the Economic Survey tabled today in Parliament said.

"The Indian pharmaceutical industry has grown from a humble Rs 1,500 crore turnover in 1980 to approximately Rs 1,00,611 crore in 2009-10," the pre-Budget survey said.

The growth of the Indian pharmaceutical industry has been fuelled by exports, which increased 25 per cent in 2008-09.

"Exports of pharmaceuticals have consistently outstripped imports," The survey said.

India exports drug, intermediaries, active pharmaceutical ingredients (APO), finished dosage formulations, bio-pharmaceuticals and clinical services.

The top five destinations for such exports are the USA, Germany, Russia, UK and China.