Government approves PLI Scheme for Pharmaceuticals over period of Financial Year 2020-21 to 2028-29
The Union Cabinet has approved Production Linked Incentive (PLI) Scheme for Pharmaceuticals over a period of Financial Year 2020-21 to 2028-29.
The Union Cabinet has approved Production Linked Incentive (PLI) Scheme for Pharmaceuticals over a period of Financial Year 2020-21 to 2028-29.The Scheme will benefit domestic manufacturers, help in creating employment and is expected to contribute to the availability of a wider range of affordable medicines for consumers.
The scheme is expected to promote the production of high value products in the country and increase the value addition in exports. Under the scheme, a total incremental sales of Rs 2,94,000 crore and total incremental exports of Rs 1,96,000 crore are estimated during six years from 2022-23 to 2027-28.
The scheme is expected to generate employment for both skilled and unskilled personnel, estimated at 20 thousand direct and 80 thousand indirect jobs as a result of growth in the sector. It is expected to promote innovation for development of complex and high-tech products including products of emerging therapies and in-vitro Diagnostic Devices as also self-reliance in important drugs.
It is also expected to improve accessibility and affordability of medical products including orphan drugs to the Indian population. The Scheme is also expected to bring in investment of Rs 15,000 crore in the pharmaceutical sector.
The scheme will be part of the umbrella scheme for the Development of Pharmaceutical Industry. The objective of the scheme is 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.