Govt exploring potential PLI Scheme for Basic Chemical & API Industries: Union Minister Mansukh Mandaviya
New Delhi, May 27 (KNN) The Union Minister of Health and Family Welfare and Chemicals & Fertilizers, Mansukh Mandaviya on Friday said that the government is planning for a basic chemical and API-related PLI scheme for the Industry.
Addressing the inauguration of the 8th edition of the International Conference on ‘India Pharma & India Medical Device 2023, the Minister pointed out that there is a need to harness India's vast potential in the pharmaceutical and medical devices sectors.
He urged the industry to keep the standards high as bargaining with quality will tarnish the world-class reputation of India.
Mandaviya highlighted the government's collaborative approach, and said that transformative outcomes have been achieved in these sectors through discussions between the government and industry.
He called the industry to join hands with the government in advancing India's reputation and unleashing its full potential.
With a clear focus on quality, affordability, and collaboration, the Minister expressed optimism for a bright future in the pharmaceutical and medical devices sectors.
Bhagwanth Khuba, Minister of State Chemicals & Fertilisers, Government of India said, “We must understand that the Indian medical sector is very important as well as challenging. Today the Indian Pharma and Indian Medical Device sector market is 12 billion USD which is 1.3 per cent of the global market.”
“Therefore, we can set a target of growth to achieve it in a time-bound manner. Medical devices in India are in demand today, and India will be expected to produce 10-12 per cent of the sector’s requirement over the next twenty-five years,” he said. (KNN Bureau)