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14 Apr 2021, Edition - 2101, Wednesday

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Business

PLI scheme: Govt nod to 33 API applications with investment worth Rs 5,082 crore

https://www.businesstoday.in/

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The government has approved a total of 33 applications with a committed investment of Rs 5,082.65 crore under the PLI (production linked incentive) scheme for Active Pharmaceutical Ingredients (APIs), the chemicals and fertilisers ministry has said. The setting of these plants will make the country self-reliant with respect to these bulk drugs, it said.

The disbursal of PLI by the government over six years will be up to a maximum of Rs 5,440 crore.

Under the Aatmanirbhar Bharat campaign and with the aim to reduce import dependence on critical bulk drugs, the Department of Pharmaceuticals had launched a PLI Scheme for the promotion of domestic manufacturing by setting up greenfield plants with minimum domestic value addition in four different target segments with a total outlay of Rs 6,940 crore for 2020-21 to 2029-30.

A total of 215 applications have been received for 36 products spread across the four target segments. Nineteen applications with a committed investment of Rs 4,623.01 crore have already been approved under target segments I, II, and III.

Besides, 174 applications were received for 23 products under target segment IV — other chemical synthesis-based KSMs or drug intermediates or APIs.

79 of them received for 11 eligible products were considered as per the decided evaluation and selection criteria.

Applications of 14 companies that have committed minimum/more than the minimum proposed annual production capacities and fulfill the prescribed criteria have been approved, the ministry said.

The setting up of these plants will lead to investment worth Rs 459.47 crore and employment generation of 3,715. The production is projected to start from April 1, 2023, onwards.

The Centre has also decided to take up the remaining 95 applications under the Target Segment-IV till March 31 for scrutiny and approval.

The PLI scheme for the pharmaceutical sector was approved on February 25 with an outlay of Rs 15,000 crore.

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