What are the key schemes for strengthening Pharmaceuticals Industry of India?

On July 21, 2022, Ministry of Chemicals and Fertilisers unveiled three schemes in order to strengthen Micro, Small and Medium Enterprises (MSMEs) in pharmaceutical sector. Schemes were launched under the banner of ‘Strengthening Pharmaceuticals Industry’ (SPI). SIDBI will act as project management consultant to implement the scheme.

Three schemes are:

1. Pharmaceutical Technology Upgradation Assistance Scheme (PTUAS)– PTUAS would will provide pharmaceutical MSMEs with proven track record, in a bid to upgrade their technology. It will provide a capital subsidy of 10% on loans up to Rs 10 crore. Minimum repayment period has been fixed at three months.
2. Assistance to Pharma Industries for Common Facilities Scheme (API-CF)- API-CF will help in strengthening existing pharmaceutical clusters’ capacity to attain a sustained growth. Under it, assistance of up to 70 per cent of project cost or Rs 20 crore (Whichever is less) will be provided.
3. Pharmaceutical and Medical Devices Promotion and Development Scheme (PMPDS)- PMPDS scheme would help in preparing study reports on important topics related to Indian pharma and medical device industry. It aims to create a database of pharma and medical device sectors.

These schemes anticipate technology upgradation, liquid waste treatment plants in clusters and setting up of common research centres for pharma MSMEs. Schemes would help the small companies in upgrading their facilities to international manufacturing standards. They would also increase investment, boost research and innovation and help industry to develop futuristic products and ideas.

Month: Current Affairs - July, 2022

Category: Government Schemes Current Affairs