Dec 9: The Medical Device Sector in India suffers from a considerable cost of manufacturing disability vis-à-vis competing economies, inter alia, on account of lack of adequate infrastructure, domestic supply chain and logistics, high cost of finance, inadequate availability of power, limited design capabilities, low focus on research & development (R&D) and skill development, etc.
With an objective to boost domestic manufacturing, attract large investment in the Medical Device Sector, the Department of Pharmaceuticals had launched a Production Linked Incentive (PLI) Scheme for Promotion of Domestic Manufacturing of Medical Devices to ensure a level playing field for the domestic manufacturers of medical devices with a total financial outlay of Rs.3,420 cr. for the period 2020-21 to 2027-28.
In the first round, 28 applications were received from 23 applicants under the Scheme. Out of which, 13 applications with committed investment of Rs.798.93 crore by the Companies were approved with expected employment generation of around 3,812 persons.
Since few slots remained unfilled for certain products, applications were invited again with the last date of submission as 31.08.2021. Total 14 applications were received.
With this the total applications approved under both rounds aggregate to 21 applicants with committed investment of Rs 1,059.33 crore and employment generation of about 6,411. 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.Disclaimer: We donot claim that the images used as part of the news published are always owned by us. From time to time, we use images sourced as part of news or any related images or representations. Kindly take a look at our image usage policy on how we select the image that are used as part of the news.