India now ranks third in terms of pharmaceutical production globally. In terms of value it is standing 14th in the world. This information was given by the Minister of Chemicals and Fertilizers, Mr. Srikant Jena in the Lok Sabha on Thursday. In a written reply, he said the Indian pharmaceutical industry recorded a growth rate of 11 percent in 2009-10. The government has been taking various measures to help the growth of the pharmaceutical sector. The excise duty on medicines was reduced from 16 percent to four percent. In some parts of the country, no taxes are levied on pharmaceutical products. He said, the industry has also been given benefits under the Income Tax Act.