New Delhi: In a bid to attain self-reliance and decrease dependence on import of Active Pharmaceutical Ingredients (APIs), the union government has approved a scheme called 'Production Linked Incentive (PLI) Scheme for promotion of domestic manufacturing of critical Key Starting Materials (KSMs)/ Drug Intermediates (DIs) and Active Pharmaceutical Ingredients (APIs) In India'.
The announcement was made by Union Minister of Chemicals and Fertilisers, Dr. Mansukh Mandaviya in Rajya Sabha on Tuesday.
"The total outlay of the scheme is Rs.6,940 crore and would be provided to selected participants on incremental sales of 41 identified products in four different target segments for a period of six years," said an official statement.
It also stated that another scheme called Production Linked Incentive Scheme for Pharmaceuticals was approved by the government in March. The scheme is aimed at enhancing to enhance India’s manufacturing capabilities by increasing investment and production in the sector and contributing to product diversification to high-value goods in the pharmaceutical sector.
"The total outlay of the scheme is Rs.15,000 crore and financial incentives is provided to the selected participants on incremental sales for a period of six years," the statement said.
"Under the PLI Scheme for Bulk Drugs, 50 applicants have been approved. Whereas under the PLI Scheme for Pharmaceuticals, 55 applicants have been approved," it added.
