Companies have committed investment of ₹348.7 crore, seek to create 3,042 jobs
A total of 16 applications have been approved under the Production-Linked Incentive (PLI) scheme for promotion of domestic manufacturing of critical key starting materials (KSMs)/drug intermediates and active pharmaceutical ingredients (APIs) with a total committed investment of ₹348.70 crore and employment generation of about 3,042 by the companies.
To attain self-reliance and reduce import dependence in these critical bulk drugs, the Department of Pharmaceuticals had launched the PLI scheme by setting up green-field plants with minimum domestic value-addition in four different target segments for 41 products with a total outlay of ₹6,940 crore for the period 2020-21 to 2029-30.
A total of 215 applications were received for the 36 products spread across the four target segments. “With this, all the 215 applications received have been considered and 47 (excluding two successful applications withdrawn subsequently), with a committed investment of ₹5,366.35 crore, have been approved by the government under the PLI scheme for APIs. “Setting up of these plants will make the country self-reliant to a large extent in respect of these bulk drugs,” the release stated.
The disbursal of PLI by the government over the six-year period would be up to a maximum of about ₹6,000 crore against the budgetary outlay of ₹6,940 crore.
Under the scheme, after considering all 28 applications, 14 applications have been approved with a committed investment of ₹873.93 crore which will lead to utilisation of maximum incentive of about ₹1,694 crore against a total budget outlay of ₹3,420 crore.
“The Government has decided to re-invite applications for the uncovered/under-covered products in the PLI schemes for bulk drugs and medical devices for utilising the approved outlay,” the statement said.