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Tag: Pharma

  • Incentives Worth Rs 9,721 Crore Claimed Under PLI Scheme for Nine Sectors: Piyush Goyal

    Incentives Worth Rs 9,721 Crore Claimed Under PLI Scheme for Nine Sectors: Piyush Goyal

    PLI scheme

    Incentives Worth Rs 9,721 Crore Claimed Under PLI Scheme for Nine Sectors: Piyush Goyal

    Commerce and Industry Minister Piyush Goyal informed the Lok Sabha on Tuesday that incentives amounting to Rs 9,721 crore have been claimed under the Production Linked Incentive (PLI) scheme for nine sectors, including electronics manufacturing and pharmaceuticals. Actual investments totaling Rs 1.23 lakh crore have been realized by March 2024, resulting in incremental production or sales of over Rs 10.31 lakh crore and the creation of approximately 8 lakh jobs.

    In a written reply, Goyal detailed that the incentives were claimed for sectors such as large-scale electronics manufacturing, IT hardware, bulk drugs, medical devices, pharmaceuticals, telecom and networking products, food processing, white goods, and drones and drone components.

    The PLI schemes aim to attract both domestic and foreign investments in key sectors and advanced technologies, ensure efficiency, and bring economies of size and scale to the manufacturing sector, making Indian companies globally competitive. Goyal noted that there is increasing foreign investment in several PLI sectors, highlighting Apple’s shift of its suppliers, including Foxconn, Wistron, and Pegatron, to India.

    He added that most projects are in the implementation stage and will be filing incentive claims in due course. To further enhance the performance and sentiment of applicants, the government plans to settle PLI claims quarterly, which is expected to improve cash flow, accelerate the disbursement of incentives, and enhance fund utilization efficiency.

    Additionally, Minister of State for Commerce and Industry Jitin Prasada informed the Parliament that India has granted Geographical Indications (GI) tags to 643 products as of July 24 this year. A GI tag, valid for 10 years and renewable thereafter, prevents any person or company from selling a similar item under the registered name. This tag assures quality and distinctiveness attributable to the product’s place of origin.

    Prasada also mentioned that the Indian Patent Office granted 1,03,057 patents in the 2023-24 period.

  • Pharma and Electronics Manufacturing to Receive Boost in Modi 3.0

    Pharma and Electronics Manufacturing to Receive Boost in Modi 3.0

    Pharma and electronics

    Pharma and Electronics Manufacturing to Receive Boost in Modi 3.0 Era

    With the BJP anticipated to secure a significant portion of seats in UP, Gujarat, Maharashtra, Telangana, and Himachal Pradesh, industry leaders foresee a continued emphasis on local manufacturing. These states serve as major manufacturing hubs for Active Pharmaceutical Ingredients (APIs) and electronic goods.

    As the exit poll results indicate a clear victory for Prime Minister Narendra Modi-led BJP government at the center, stakeholders from sectors like pharmaceuticals, medical devices, and electronics manufacturing anticipate a substantial push for local production.

    According to the India Today-Axis My India exit poll, the BJP is expected to sweep all seats in Gujarat and Himachal Pradesh, as well as over 60 percent and 70 percent of Lok Sabha seats in Maharashtra and Telangana, respectively. These states play a pivotal role as manufacturing hubs for pharmaceuticals and medical devices. Additionally, the BJP is predicted to secure over 85 percent of seats in Uttar Pradesh and Andhra Pradesh, two states along with Telangana that are crucial for electronics manufacturing in the country.

    Boost for Pharma:

    A robust performance is anticipated by the BJP-led National Democratic Alliance (NDA) in key states, driven by a manifesto emphasizing the manufacturing of Active Pharmaceutical Ingredients (APIs) and advancing research. Raj Prakash Vyas, President-Corporate Affairs at Cadila Pharmaceuticals, highlighted potential benefits such as the expansion of PLI schemes to encourage domestic manufacturing and stringent quality control measures to combat spurious drugs.

    Vyas proposed the establishment of an Innovation Task Force (ITF) dedicated to pharmaceuticals, comprising experts from various fields, to accelerate the development and adoption of innovative solutions. Yogesh Mudras, Managing Director at Informa Markets, noted India’s leadership in the pharmaceutical industry and stressed the need for further investments in research and rural healthcare.

    Tuhin A Sinha, National Spokesperson for BJP, remarked that the exit polls support the PM’s vision of Viksit Bharat (developed India) and are positive for the pharmaceutical and healthcare sectors, where India has emerged as a global leader.

    India as an Electronics Hub:

    With the BJP government at the center and gaining influence in major manufacturing hubs like UP, AP, and Telangana, the industry expects further impetus to transform India into a major hub for electronic exports. The government’s PLI scheme has attracted leading players to set up new plants, increasing capacity in areas like mobile handsets, LEDs, and components for air conditioners.

    Avneet Singh Marwah, CEO of Superplastronics, emphasized the importance of policy continuity and infrastructure development to support the industry. He also called for a reduction in GST rates on household items like TVs and ACs to stimulate demand.

    Rajiv Nath, forum coordinator of the Association of Indian Medical Device Industry (AiMeD), anticipates government support to enhance medical device manufacturing, advocating for a predictable tariff regime and fair pricing practices.

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