8 Companies Approved Under PLI Scheme For Manufacturing Medical Devices
02nd November, 2021 Mumbai
The government has accorded approval to eight companies under the production linked incentive (PLI) scheme to promote domestic manufacturing of medical devices
The government has accorded approval to eight companies under the production linked incentive (PLI) scheme to promote domestic manufacturing of medical devices, the Ministry of Chemicals and Fertilisers said on Thursday.
The approvals were given during the ninth meeting of the empowered committee held on November 25 after considering all the applications as per the scheme guidelines, the ministry said in a statement.
"The setting up of these eight plants will lead to a total committed investment of ₹ 260.4 crore by the companies and employment generation of about 2,599. The commercial production is projected to commence from April 1, 2023, onwards," it added.
With this the total applications approved under both rounds aggregate to 21 applicants with committed investment of ₹ 1,059.33 crore and employment generation of about 6,411, the statement noted.
The setting of these plants will make the country self-reliant to a large extent in the specified target segments in the medical devices sector, it added.
With an objective to boost domestic manufacturing, attract large investment in the medical device sector, the Department of Pharmaceuticals had launched a PLI scheme to ensure a level playing field for the domestic manufacturers of medical devices with a total financial outlay of ₹ 3,420 crore for the period 2020-21 to 2027-28.