New Delhi: Union Minister Mansukh Mandaviya on Wednesday, while speaking at an investor summit, said that that the Centre is "pro-farmer but industry-friendly". "Our Government is pro-farmer but industry-friendly. We see to it that the industries go ahead and sustain. Indian companies never cheat while making supplies. Our character is to maintain quality," Mandaviya said.
The theme of the investor summit is "Opportunities and Partnerships in Pharmaceuticals and Medical Devices." The Union Minister further said that when the first wave of COVID-19 hit, the world did not have COVID-19 medicines.
"We not only brought our own situation under control, met our own medicine requirements but also supplied medicines to over 150 nations. This is our commitment," he said. He added that today India is the largest manufacturer and supplier of generic medicines. "We believe in 'Vasudhaiva Kutumbakam'. We are seeing to it that the world gets affordable medicine," he said.
The PLI for Pharmaceuticals scheme
The PLI for Pharmaceuticals scheme was launched with an outlay of Rs 15000 crore and has attracted considerable interest with about 278 companies applying to be considered under the scheme. The summit was aimed to encourage investors looking to build global champions in India in these products.
The objective of the scheme is to enhance India’s manufacturing capabilities by increasing investment and production in the sector and contributing to product diversification to high value goods in the pharmaceutical sector.
The government has approved Production Linked Incentives of upto INR 6,940 crores for promotion of domestic manufacturing of critical Key Starting Materials (KSMs)/Drug Intermediates (DIs) and Active Pharmaceutical Ingredients (APIs) in India.
It may be recalled that 13 companies have already been selected under the PLI scheme for medical devices earlier this year which will support their investment in enhancing domestic manufacturing of targeted devices.
The sessions will also cover the financing of the burgeoning start-up ecosystem, and it will culminate with a session on providing comprehensive facilitation to applicants selected under the PLI schemes about the smooth grounding of investments.
