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Updated March 3rd, 2024 at 18:36 IST

Mandavia inaugrates 51 projects under PLI scheme for bulk drugs

Mandaviya stressed the critical importance of domestic manufacturing for bulk drugs and medicines, aligning with the principles of Atmanirbhar Bharat.

Reported by: Business Desk
 Union Health Minister Mansukh Mandaviya
Union Health Minister Mansukh Mandaviya | Image:PTI
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Mandavia inaugrates 51 projects: Minister of Chemicals & Fertilizers Dr. Mansukh Mandaviya, inaugurated 51 projects under the Production-Linked Incentive (PLI) scheme for bulk drugs and medical devices. The inauguration took place at the event titled 'Greenfield Projects under PLI Scheme for Bulk Drugs and Medical Devices,' jointly organized by FICCI and the Department of Pharmaceuticals.

Mandaviya stressed the critical importance of domestic manufacturing for bulk drugs and medicines, aligning with the principles of Atmanirbhar Bharat (Self-reliant India). The inauguration of these greenfield projects is a significant step in reducing dependence on imports for essential goods.

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Highlighting the success of the PLI scheme, Mandaviya announced plans for the commencement of Penicillin G production in India from June this year. This revival marks a crucial milestone, demonstrating the government's commitment to formulating transparent and long-term policies.

Arunish Chawla, Secretary, Department of Pharmaceuticals, emphasized the impressive growth of the drugs and pharmaceuticals industry in India, reaching Rs 6 lakh crores in 2021-22 from Rs 2.4 lakh crores in 2013-14, with a compound annual growth rate (CAGR) of 12 per  cent over the last decade. The PLI scheme aims to enhance value addition and diversify value chains towards high-value and futuristic products.

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Rajesh Kumar Singh, Secretary, DPIIT, Ministry of Commerce and Industry, provided insights into the allocation of around $26 billion under the PLI scheme across 10 different departments and 14 sectors. The primary objectives include catalyzing investment, boosting sales, generating employment, and fostering the emergence of national and global champions.

SK Pathak, Secretary-General, FICCI, expressed that industries play a crucial role in the nation's growth story and highlighted the conclusive success of the PLI scheme. He emphasized that collective efforts would contribute to the realization of a developed India, 'Viksit Bharat,' by 2047.

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Published March 3rd, 2024 at 18:36 IST

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