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.
- 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.
- 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.