Move entails outlays of ₹15,000 crore and ₹7,350 crore, respectively.
The Union Cabinet on Wednesday approved the Production Linked Incentive (PLI) Scheme for the pharmaceuticals and IT hardware sectors, entailing an outlay of ₹15,000 crore and ₹7,350 crore, respectively.
The PLI scheme for pharmaceuticals, whose duration will be for nine years from 2020-21 till 2028-29, will benefit domestic manufacturers, help create employment and is expected to contribute to the availability of a wider range of affordable medicines for consumers, the government said.
The scheme is expected to bring in investment of ₹15,000 crore in the pharmaceutical sector.
“The scheme is expected to promote the production of high-value products in the country and increase the value addition in exports. Total incremental sales of ₹2,94,000 crore and total incremental exports of ₹1,96,000 crore are estimated during six years from 2022-23 to 2027-28,” it said, adding that the growth in the sector is expected to add 20,000 direct and 80,000 indirect jobs for both skilled and unskilled personnel.
The scheme also aims to create global champions from India that have the potential to grow in size and scale using cutting edge technology and thereby penetrate global value chains.
Further it is expected to promote innovation for development of complex and high-tech products including products for emerging therapies and in-vitro diagnostic devices as also self-reliance in important drugs, while improving accessibility and affordability of medical products, including orphan drugs, to the Indian population.
Separately, the cabinet, chaired by Prime Minister Narendra Modi, also approved the PLI Scheme for IT hardware such as laptops, tablets, all-in-one PCs and servers. The scheme, under which an incentive will be given on net incremental sales of goods manufactured in India for a period of four years, will benefit five major global players and ten domestic champions in the field of IT hardware, the government said.
“This is an important segment to promote manufacturing under AtmaNirbhar Bharat as there is huge import reliance for these items at present…It will enhance the development of the electronics ecosystem in the country,” it added.
As per government estimates, the scheme has the potential to generate employment for more than 1,80,000 (direct and indirect jobs) over four years. “The scheme will provide impetus to domestic value addition for IT hardware which is expected to rise to 20-25% by 2025,” it said.
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