The government has approved a package comprising four schemes with a total outlay of Rs 13,760 crore to boost the domestic production of bulk drugs and medical devices in the country and exports.
The Union Cabinet chaired by Prime Minister Narendra Modi has approved outlay of Rs 9,940 crore and Rs 3,820 crore for bulk drugs and medical devices, respectively, Minister of State for Chemicals and Fertilisers Mansukh Mandaviya told reporters in a briefing about the Cabinet decision.
The Cabinet also approved a sum of Rs 3,000 crore for the next five years for the scheme on promotion of bulk drug parks for financing common infrastructure facilities in three bulk drug parks, he added.
A sum of Rs 6,940 crore has been approved for the Production Linked Incentive (PLI) scheme for promotion of domestic manufacturing of critical KSMs/Drug Intermediates and APIs in the country, Mandaviya said.
The PLI scheme will lead to expected incremental sales of Rs 46,400 crore and significant additional employment generation over eight years, he added.
The scheme for promotion of medical device parks seeks to promote medical device parks in the country in partnership with the states. A maximum grant-in-aid of Rs 100 crore per park will be provided to the states. It will have financial implications of Rs 400 crore, Mandaviya said.
"The PLI scheme for promoting domestic manufacturing of medical devices with financial implications of Rs 3,420 crore," he added.
The expenditure to be incurred for the schemes on promotion of medical devices will be for the next five years.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)