Eight firms have been approved to manufacture medical devices under the PLI scheme. The permissions were given at the empowered committee's ninth meeting.
The Ministry of Chemicals and Fertilisers said on Thursday that the administration has approved eight enterprises under the production linked incentive (PLI) scheme to stimulate local medical product manufacturing. The permissions were provided during the ninth meeting of the empowered committee, which took place on November 25, after the ministry reviewed all of the applications in accordance with the scheme requirements.
The total number of applications approved in both phases now stands at 21, with a promised investment of 1,059.33 crores and an employment generation of about 6,411, according to the announcement. The establishment of these plants will make the country self-sufficient in the medical equipment sector to a great extent, according to the report.
The Department of Pharmaceuticals launched a PLI scheme to make sure a level playing field for domestic medical device manufacturers, with a complete financial outlay of 3,420 crores for the period 2020-21 to 2027-28, with the goal of boosting domestic manufacturing and attracting large investment in the medical device industry.