New Delhi, Mar 12 (KNN) The Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers has reserved Rs 500 crore for a scheme to provide support to the existing pharma clusters and MSMEs and improve their productivity.

Guidelines for the scheme -- Strengthening of Pharmaceutical Industry were also released on Friday. 

It will help in addressing the rising demand in the industry, said the Ministry.

The aim of the scheme is to strengthen the existing infrastructure facilities and further to make India a global leader in the pharmaceutical sector.

Financial assistance to pharma clusters will be provided for the creation of common facilities under this scheme.

"Further, in order to upgrade the production facilities of SMEs and MSMEs so as to meet national and international regulatory standards (WHO-GMP or Schedule-M), interest subvention or capital subsidy on their capital loans will be provided, which will further facilitate the growth in volumes as well as in quality," it added. (KNN Bureau)