Govt invites fresh applications under PLI scheme for medical devices

NewsIndia NewsGovt invites fresh applications under PLI scheme for medical devices Govt invites fresh applications under PLI scheme for medical devices NEW DELHI: In a bid to promote domestic manufacturing of medical devices, govt has invited fresh applications under the Rs 2,700 crore production linked incentive (PLI) scheme for the sector and extended the programme till 2035-36, an official release said on Tuesday.This is the second phase of the scheme first announced in 2021-22.

The revised guidelines are simpler, more investor-friendly, and aimed at promoting ease of doing business, an industry expert said.Under the new guidelines, govt has eliminated the minimum sales threshold for claiming financial incentives while scaling down the baseline capital expenditure required from manufacturers, the Department of Pharmaceuticals said in the release.This is a significant step towards building a globally-competitive self-reliant medtech ecosystem, Rajiv Nath forum coordinator AiMeD, said.“A supportive framework comprising tariff rationalisation, a dedicated medical devices law, procurement preference for genuine manufacturers, and balanced trade margin policies can transform India from a large consumer market into a global MedTech manufacturing powerhouse.

With medical device imports expected to exceed Rs 1 lakh crore this year, India stands at a critical juncture. The choice before us is clear: continue importing technology or create a policy ecosystem that attracts investments, builds indigenous manufacturing capacity, generates high-skilled employment, and strengthens self-reliance'', he added.Join conversation InsightfulAgreeDisagreeSkepticalConcerningPromisingWorth ReadingBig Development Applicants will be able to apply through an online portal, which will be launched within the next 10 days.Under the Medical Device Production Incentive Scheme, launched in 2021-22, domestic manufacturing of over 60 high-end medical devices was invited.

These include X-ray tubes and detectors, 1.5 Tesla MRIs, linacs, CT scanners, mammography machines, cathlabs, orthopedic and cardiac implant devices, and dialyzers.Medical devices worth over Rs 16,000 crore have been produced under this scheme so far, the release added.

Get the latest India News and Live updates. Download the TOI app. A business journalist with around two decades of experience tracking key consumer-focussed sectors like consumer durables, retail, consumer goods, aviation, automobiles and advertising, as well as economic ministries of the Union government.

Now, writes primarily on pharmaceuticals and healthcare, and on issues of consumer interest. Besides also looks at trends that are shaping consumer behaviour and the broad consumer landscape. \nYou can follow Rupali on Twitter@Rupalijee.

Punjab Burns Again: What Triggered Diwali Farm-Fire Surge? I Stubble Burning I TOI Special ‘False Narratives’: India Urges Action Over Chinese Vloggers' Videos Showing Dhaka As Delhi ‘Outside Gandhi-Nehru Family…’: Pranab Mukherjee’s Daughter Hits Back At Sonia Over ‘Shocked’ Remark ‘Whitewashing’: Sonia Gandhi's Memoir 'Belonging' Draws BJP Fire, Congress Hits Back ‘I Understood Modi’s Discomfort With Ruling Elite’: Sonia Gandhi Reveals Her Common Ground With PM ‘Sonia, Just Leave It’: Why Sonia Gandhi Turned Down PM Post In 2004, Chose Manmohan Singh?

‘This Is New Delhi’: Why Are Chinese Vloggers Passing Off Dhaka Slums As India? ‘Dear CRPF Jawans…’: Rahul Gandhi Renews Debate Challenge To PM Modi After 'Dimagi Naxals' Remark Delhi-Varanasi-Guwahati: India's North Bullet Train Corridor Plan | Route, Stops & Travel Time ‘Rahul Gandhi’s Bhopu’: BJP Takes Aim At Cong Over Kharge’s ‘Eid Of Happiness’ Diwali Remark