Govt Brings PLI Scheme To Boost Chemical Sector, Read Everything Here

Union Minister Shri Mansukh Mandaviya recently announced the upcoming launch of a Production-Linked Incentive (PLI) scheme designed to boost the chemical sector, particularly basic chemicals. Speaking at an event for the Southern Gujarat Chamber of Commerce and Industry, he also revealed plans for a comprehensive Drugs and Cosmetic Bill, set to be introduced in the Cabinet within a month before making its way to Parliament.

PLI Scheme for Chemical Industry: Mansukh Mandaviya

The government’s PLI initiative aims to enhance the cost competitiveness of domestically manufactured goods and increase domestic production capacity and exports. Shri Mandaviya emphasized that supporting basic chemicals would lead to reduced costs in agrochemicals, pharma chemicals, and other chemical products. This initiative is expected to benefit the entire chemical sector.

Basic chemicals, typically produced in large quantities, serve as raw materials for various industries before reaching the end consumer market.

Furthermore, the Union Minister of Health and Family Welfare, Chemicals, and Fertilisers highlighted the importance of aligning India’s drug and cosmetic standards with international norms. He expressed India’s aspiration to become a global exporter in these sectors. The proposed Drugs, Medical Devices, and Cosmetics Bill, 2022, will undergo Cabinet review and subsequent parliamentary approval. Shri Mandaviya stressed the need for quality, affordability, and stimulating demand as key priorities in this endeavor.

Regarding the pharmaceutical industry, he acknowledged the need for a significant overhaul of the existing Drugs and Cosmetic Act, which has been amended over time. The focus remains on supporting domestic manufacturers and creating conducive conditions for the industry’s growth.

In line with this, the government is actively promoting the domestic production of medical devices, with plans to establish four industrial parks and the imposition of anti-dumping duties on imported medical devices. Shri Mandaviya underscored the government’s role as a facilitator, fostering collaboration with industries, understanding their concerns, and promoting dialogue to facilitate growth in various sectors.