New Delhi, March 20 (SocialNews.XYZ) India’s production-linked incentive (PLI) schemes for pharmaceuticals have driven cumulative investments of Rs 41,943 crore in both brownfield and greenfield projects, the Parliament was informed on Friday.
The investments substantially exceed the targeted committed investment of Rs 17,275 crore over the six-year period of the scheme, Minister of State for Chemicals and Fertilisers, Anupriya Patel, said in a written reply in the Lok Sabha.
The incentive scheme generated Rs 3,35,036 crore in sales from 1,988 products, the statement from Ministry of Chemicals and Fertilizers said.
The total sales figure includes exports worth Rs 2,15,248 crore, it said, adding that 726 Active Pharmaceutical Ingredients (APIs), Key Starting Materials (KSMs), and Drug Intermediates (DIs) are now being manufactured under the scheme, including 191 produced for the first time in the country.
Sale of these APIs or KSMs or DIs have resulted in cumulative domestic sales worth Rs 28,067 crore, which contributed to import reduction in the sector.
PLI scheme for Pharmaceuticals, approved in 2021, aims to boost India’s manufacturing capabilities by increasing investment and production in the pharmaceuticals sector.
The scheme intends to incentivize production of high value medicines, complex generics and active pharmaceutical ingredients, while the PLI scheme for Bulk Drugs, approved in 2020, targets critical KSMs, DIs and APIs to reduce dependence on single sources.
Under the PLI scheme for Bulk Drugs, Rs 4,814 crore has been made in greenfield projects against a commitment of Rs 4,329.95 crore over six years, the statement further said.
Total capacity amounting to 91,077 metric tonnes per annum is committed for 33 products against the originally envisaged capacity of 82,270 metric tonnes per annum for 41 products identified under the scheme, it said.
Under this scheme, six new manufacturing units have been commissioned in Andhra Pradesh’s Visakhapatnam, an aspirational district.
—IANS
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Source: IANS
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