Govt’s bold moves to boost Pharma Industry and others

Govt of India
Govt of India

Last Updated on January 9, 2024 by The Health Master

Pharma Industry

In a bid to invigorate investment and bolster manufacturing, the government is poised to recalibrate the Production-Linked Incentive (PLI) schemes, focusing on pivotal sectors like the pharma industry, drones, and textiles.

This strategic move comes on the heels of rigorous inter-ministerial consultations aimed at evaluating the efficacy of PLI schemes across diverse product categories.

A Comprehensive Overhaul

The PLI scheme, kickstarted in 2021 with a substantial budget of Rs 1.97 lakh crore, encompasses a diverse array of 14 sectors.

These include telecommunications, white goods, textiles, medical device manufacturing, automotive, specialty steel, food products, high-efficiency solar PV modules, advanced chemistry cell batteries, drones, and the pharma industry.

Sector-Specific Enhancements

A government official revealed that several targeted amendments are in the pipeline:

  1. Pharmaceuticals: Extension of the timeline for the pharma industry, aimed at fostering sustained growth.
  2. Textiles: Broadening the scope of products within the technical textiles segment, signaling a potential boom in this niche.
  3. Drones: A substantial increase in allocation, demonstrating a strong governmental commitment to nurturing the burgeoning drone industry.

White Goods Set for a Boost

Disbursement of PLIs for white goods, encompassing air conditioners (AC) and LED lights, is primed to kick off this month.

This development is expected to catapult the disbursement amount, which had only reached a modest Rs 2,900 crore by March 2023.

Sectoral Dynamics: Thriving vs. Struggling

While certain sectors like electronics, the pharma industry, medical devices, telecommunications, food processing, and white goods have thrived under the PLI scheme, others have encountered challenges.

High-efficiency solar PV modules, advanced chemistry cell (ACC) batteries, textile products, and specialty steel have grappled with attracting firms to partake in the incentives.

Addressing Stakeholder Concerns

The government has taken proactive steps to address concerns voiced by stakeholders.

These include streamlining the claims process, resolving visa-related issues necessitating expertise from Chinese professionals, and expediting the acquisition of environmental clearances.

Smooth Sailing Ahead

All 14 sectors encompassed by these schemes have received official notification from the respective ministries and departments, following due approvals.

Implementation is underway, progressing through various stages.

It is anticipated that the government is poised to disburse a staggering Rs 13,000 crore to eligible companies seeking benefits under these schemes.

Disclaimer: This article contains information derived from the source mentioned below. Our team utilized an AI language model to rewrite and present the news or article in a unique format.

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