The Ministry of Chemicals and Fertilizers has announced that 55 pharmaceutical companies are likely to get benefitted from the Production-Linked Incentive scheme for pharmaceuticals which is part of the government’s flagship Atmanirbhar Bharat Plan. This scheme will help in enhancing India’s manufacturing capabilities and exports in ten sectors.
The financial outlay for this Production- Linked Incentive (PLI) Scheme is Rs 15,000 crore. This PLI scheme aims to enhance India’s manufacturing capabilities and also exports in ten different sectors which were approved by the Union Cabinet.
The Cabinet approved this scheme on February 24, 2021. The operational guidelines inviting applications for the pharmaceutical industries were issued on June 1, 2021. They were issued by the Department of Pharmaceuticals after consulting thoroughly with related departments, industries, and NITI Aayog. A total of 278 applications were received by 31st August on the scheme out of which 55 applicants got selected.
Watch Avani Shukla from LawWiser helps us understand different aspects related to it such as –
1. Aim of the PLI scheme
2. Invitation of applications for the PLI scheme and different categories associated with it
3. How is it going to benefit the pharma sector?
Tune into the video to learn and understand more about the scheme.