Indian Economy and Issues Relating to Planning, Mobilization, of Resources, Growth, Development and Employment.

GS-3

3.PLI SCHEME FOR PROMOTION OF DOMESTIC MANUFACTURING

Approval accorded under PLI Scheme for Promotion of Domestic Manufacturing of critical Key Starting Materials (KSMs)/Drug Intermediates and APIs.

Details:

  • The PLI scheme offers a production linked incentive to boost domestic manufacturing and attract large investments in sectors like mobile phone manufacturing, specified electronic components, pharmaceuticals, food processing, solar PV manufacturing, medical equipment, etc.
  • In the pharmaceutical sector, the Department of Pharmaceuticals had launched the PLI Scheme with an objective to attain self-reliance and reduce import dependence in these critical Bulk Drugs – Key Starting Materials (KSMs)/Drug Intermediates and Active Pharmaceutical Ingredients (APIs) in the country.

IMPORTANT POINTS

  • The Indian pharmaceutical industry is the 3rd largest in the world by volume.
  • It has a high market presence in several advanced economies such as the US and EU.
  • The industry is well known for its production of affordable medicines, particularly in the generics space.
  • However, the country is significantly dependent on the import of basic raw materials, viz., Bulk Drugs that are used to produce medicines.

 

SOURCE: PIB

 

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