Union Cabinet has approved promotion of the Domestic Manufacturing of Medical Devices in country.
The Union Cabinet has approved the following schemes:
The scheme on Promotion of Medical Device Parks for financing Common Infrastructure Facilities in 04 Medical Device Parks with financial implications of Rs. 400 crore.
The Production Linked Incentive (PLI) Scheme for promoting domestic manufacturing of medical devices with financial implications of Rs. 3,420 crore.
Financial implications: The expenditure to be incurred for the above schemes will be for the next five years i.e. from 2020-21 to 2024-25.
Implementation: The Scheme for Promotion of Medical Device Parks will be implemented by a State Implementing Agency(SIA). The PLI Scheme for promoting domestic manufacturing will be implemented by a Project Management Agency(PMA) to be nominated by Department of Pharmaceuticals.
Source : Economic Times