Rs 1000 crore earmarked by Govt for bulk drug parks promotion
The outlay for 'promotion of medical device parks' has been increased to Rs 150 crore for FY25, up from Rs 64 crore in the revised estimate for FY24.
Written By : Ruchika Sharma
Medically Reviewed By : Dr. Kamal Kant Kohli
Published On 2024-02-02 08:30 GMT | Update On 2024-03-22 08:30 GMT
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New Delhi: The government has earmarked Rs 1,000 crore for the promotion of bulk drug parks for FY25, a multi-fold increase from Rs 85.15 crore outlay in the revised estimate for the ongoing fiscal.
Initially, the government had earmarked Rs 900 crore in the Budget for 2023-24. However, the revised estimate presented in the Parliament in the Interim Budget 2024-25 for 'Promotion of Bulk Drug Parks' was at Rs 85.15 crore.
According to the Expenditure Budget document, the total outlay for the development of the pharmaceutical industry for FY25 has been pegged at Rs 1,300 crore, up from Rs 264.67 crore in the revised estimate of FY24.
Similarly, the outlay for 'promotion of medical device parks' has been increased to Rs 150 crore for FY25, up from Rs 64 crore in the revised estimate for FY24.
Further, the allocation for assistance to medical device clusters for common facilities (AMD-CF) has been raised to Rs 40 crore for FY25 from Rs 33 crore in the revised estimate for FY24.
For the Jan Aushadhi scheme, the initiative to provide affordable generic medicines in the country, the outlay has been hiked to Rs 284.5 crore for FY25, up from Rs 110 crore in the revised estimate for FY24.
"In the interim budget, Finance Minister Nirmala Sitharaman has outlined a comprehensive roadmap for sustained economic growth that will enable India to achieve developed economy status by 2047. Her emphasis on research and innovation, bio manufacturing, robust infrastructure development, and technology-driven digital transformation augur well for India to deliver on aspirational yet people-centric, inclusive development," Mazumdar-Shaw posted on ''X".
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