(MENAFN- KNN India)
New Delhi, Aug 10 (KNN)
In a significant move to strengthen India's Pharmaceutical sector, the Production Linked Incentive (PLI) Scheme for promoting domestic manufacturing of critical drug components has shown promising results.
The scheme, approved by the Cabinet with a financial outlay of Rs. 6,940 crores, aims to reduce import dependence and improve supply chain resilience in the country's pharmaceutical industry.
Out of 249 applications received, 48 projects have been selected for manufacturing identified bulk drugs.
Notably, 13 of these projects are being implemented by Micro, Small, and Medium Enterprises (MSMEs), showcasing the scheme's inclusivity and support for smaller businesses in the pharmaceutical sector.
The scheme has already made substantial progress, with 32 projects completed to date. These completed projects have created a cumulative installed capacity of 56,679 MT per annum, significantly boosting India's pharmaceutical manufacturing capabilities.
Additionally, 16 projects are currently under development and are receiving support for regulatory approvals, including environmental clearances and drug manufacturing licenses.
Investment in the scheme has exceeded expectations. Against the targeted investment of Rs. 3,938 crores, actual investments have reached Rs. 4,024 crores, demonstrating strong private sector confidence in the initiative.
The production period under the scheme is set to run fr0m FY 2022-23 to FY 2028-29, providing a long-term framework for growth and development in the sector.
The scheme focuses on manufacturing Key Starting Materials (KSMs), Drug Intermediates, and Active Pharmaceutical Ingredients (APIs). Projects are spread across 11 states, with Andhra Pradesh, Gujarat, and Telangana leading in the number of approved projects.
This wide geographical distribution is expected to promote balanced regional development in the pharmaceutical industry.
Products being manufactured under the scheme include essential antibiotics, cardiovascular drugs, and vitamins. The diverse range of pharmaceuticals covered ensures that the scheme addresses critical areas of drug production, enhancing India's self-reliance in key medication categories.
Union Minister of State for Chemicals and Fertilisers, Anupriya Patel, provided this information in the Lok Sabha, highlighting the government's commitment to bolstering India's pharmaceutical manufacturing capabilities.
This initiative is expected to play a crucial role in reducing India's dependence on imported pharmaceutical ingredients and strengthening its position as a global pharmaceutical hub.
(KNN Bureau)
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