Production Linked Incentive Scheme (PLI Scheme)
Approval has been granted to promote domestic production of key pharmaceutical ingredients and active pharmaceutical ingredients as required under the Production Linked Incentive Scheme (PLI Scheme).
Indian pharmaceutical industry : PLI Scheme
- The Indian pharma industry is the world’s third largest pharmaceutical industry by volume. It has a strong footprint in developed economies such as the US and European Union. It is known for the production of medicines with economical prices, especially generics.
- But the country is largely dependent on imports for essential raw materials, i.e bulk drugs, which are used in the production of medicines.
Production Related Incentive Scheme (PRI Scheme):
- In order to make India a manufacturing hub, recently, a production Related incentive scheme (PRI Scheme) was announced by the government for the mobile phone, pharma products and medical device sectors.
- On April, the PLI scheme was notified as part of the National Electronics Policy.
- Under this, financial incentives are provided to promote domestic manufacturing and attract wider investment in the manufacture of electronic components.
- In November, the Union Cabinet approved the introduction of production related incentive scheme in 10 other sectors to increase India’s manufacturing capabilities and exports.
Source – PIB
