India achieves milestone with completion of 32 projects under PLI scheme

According to a press release by the Ministry of Chemicals and Fertilizers, these projects, with a cumulative installed capacity of 56,679 metric tons (MT) per annum, are expected to strengthen India's pharmaceutical supply chain and reduce dependency on imports.

The PLI Scheme, with a financial outlay of Rs 6,940 crores, was approved by the Cabinet with the objective of boosting domestic bulk drug production, enhancing supply chain resilience, and minimizing reliance on imported raw materials. The scheme's production period spans from the fiscal year 2022-23 to 2028-29.

According to the Ministry, the scheme received an overwhelming response, with 249 applications submitted for consideration. Out of these, 48 projects have been selected for the manufacturing of identified bulk drugs, with 13 projects being implemented by 10 Micro, Small, and Medium Enterprises (MSMEs). The completion of 32 projects marks a critical step forward, with the remaining 16 projects still under development, read the press release.

These ongoing projects are currently receiving support to facilitate necessary regulatory approvals, such as environmental clearances and drug manufacturing licenses. The Ministry emphasized that state governments are playing a crucial role in expediting these approvals to ensure timely project completion.

One of the significant achievements under the PLI Scheme is the surpassing of the targeted investment. The scheme initially aimed for an investment of Rs 3,938 crores, but as of today, investments worth Rs 4,024 crores have been made, reflecting strong industry confidence and commitment to enhancing India's pharmaceutical manufacturing capabilities.

The state-wise distribution of approved projects under the scheme is detailed in the attached annexure, highlighting the geographic spread and impact of these investments across the country.

The Ministry of Chemicals and Fertilizers reiterated its commitment to supporting the domestic pharmaceutical industry and ensuring that India continues to progress towards self-reliance in critical drug manufacturing.

The successful completion of these projects is expected to significantly contribute to India's goal of becoming a global pharmaceutical hub, while also ensuring the availability of essential drugs for domestic consumption.

This development aligns with the government's broader "Atmanirbhar Bharat" initiative, which focuses on making India self-reliant in key sectors and reducing dependency on imports.

The PLI Scheme for Pharmaceuticals is a cornerstone of this initiative, providing the necessary financial incentives and regulatory support to encourage domestic manufacturing and innovation. (ANI)