Govt mulls tweaking PLI schemes in pharma
New Delhi: The government is considering tweaking production linked incentive (PLI) schemes for certain sectors including textiles, food processing, and pharmaceuticals, a senior official said on Tuesday.
The official said that a Cabinet note is finalised to seek approval for the changes from the top authorities. The changes would help these sectors attract more players.
The scheme was announced in 2021 for 14 sectors, including telecommunication, white goods, textiles, manufacturing of medical devices, automobiles, speciality steel, food products, high-efficiency solar PV modules, advanced chemistry cell battery, drones and pharma with an outlay of Rs 1.97 lakh crore.
While certain sectors like electronics are doing well, others are not performing up to the mark.
The government has disbursed Rs 4,415 crore under PLI schemes for eight sectors, including electronics and pharma, till October this fiscal.
A total of Rs 1,515 crore was disbursed in FY24 till October, while it was Rs 2,900 crore in 2022-23, when payments under the scheme commenced.
The incentive amount was disbursed for large-scale electronics manufacturing, IT hardware, bulk drugs, medical devices, pharma, telecom, food processing, and drones.
The schemes aim to attract investments and cutting-edge technology in key sectors; ensure efficiency, bring economies of size and scale in the manufacturing sector and make Indian companies and manufacturers globally competitive.
Original news source: https://www.ptinews.com/story/business/govt-mulls-tweaking-pli-schemes-in-textiles-food-processing-pharma-official/1252214
Read also: Investments worth Rs 25813 crore made under pharma PLI scheme as of Sept 2023, says Govt
