FDI inflows in pharma sector reach Rs 8,081 cr; 21 proposals approved for brownfield projects

New Delhi, Dec 23 (KNN) According to the Year End Review of Department of Pharmaceuticals-2022, FDI inflows has been Rs 8,081 crore during current financial year of 2022-23 from April to September 2022.

Reflecting on FDI performance in pharmaceutical sector, the Ministry of Chemicals and Fertilizers revealed on Thursday that Department of Pharmaceuticals has approved 21 FDI proposals worth Rs 4,681 crore for brownfield projects during January 1 to November 30, 2022

In the previous fiscal year, the FDI inflows in pharmaceutical sector (in both pharmaceuticals and medical devices) was Rs 12,097 crore.

Major achievements of the Department this year include schemes like 'Pradhan Mantri Bhartiya Janaushadhi Pariyojana' to provide quality generic medicines at affordable prices to the poor and underprivileged and PLI scheme to strengthen India's manufacturing capacity in the pharmaceutical sector by increasing investment and production.

Apart from this, the department also laid special emphasis on promoting domestic manufacturing of medical equipment and strengthening the pharmaceutical industry.

Total 249 applications were received in four rounds under the PLI for promotion of domestic manufacturing of critical Key Starting Materials (KSMs)/ Drug Intermediates (DIs)/ Active Pharmaceutical Ingredients (APIs).

About 51 applicants have been approved with committed investment of Rs 4,138.41 crore against which investment of Rs 1707 crore has already been incurred.

These 51 projects are expected to generate an employment of around 10,598 persons.

The work on these projects have already generated employment of 1,907 persons up to September, 2022.

Based on Quarterly Review Report (QRR) of September, 2022, 21 project has been commissioned with actual investment of Rs 890.82 crore as against total committed investment of Rs 843.79 crore.  (KNN Bureau)