BackGovt mulls launching production linked incentive scheme for chemical sector
Gowda said the Budget has provided a boost to the Indian pharmaceutical sector
PremiumThe government is considering launching a production linked incentive (PLI) scheme in the chemical sector to boost domestic manufacturing and exports. Addressing a webinar on 'Implementation Strategy of Budget Announcement 2021-22', Chemicals and Fertilisers Minister D V Sadananda Gowda on Friday said the government is working on a consultative approach in forming the policies for India's chemicals and petrochemicals sector.
The webinar was organised by the Department of Chemicals & Petrochemicals and FICCI. "Implementations of the Budget announcements cannot be done only by the government. "We should take our industry in confidence so that implementations can start from first week of April. The challenge for the government is to now match the suggestions of the industry with the implementation part," he was quoted as saying in a FICCI statement.
Gowda said the Budget has provided a boost to the Indian pharmaceutical sector. “The big push for the pharma sector is being seen as an attempt to discourage the imports of raw materials that are widely used in local manufacturing," he said.
Mansukh Mandaviya, Minister of State for Chemicals & Fertilizers, said that the government is working to introduce PLI scheme for the chemicals sector to increase domestic production, according to FICCI statement. There are immense opportunities for the industry and the government is working to ensure to provide all necessary support, he added. “The government decides on policies after a thorough research on ground and wants to make the industry competitive. We have to encash the opportunity," he added.
Mandaviya further said that India has both the potential and the manpower to deal with the pandemic. The result of medicine diplomacy has been such that the entire world now wants to procure vaccines from India, he said. After supplying medicines to 120 countries, no country has complained of inferior quality medicine. The Indian industry, its entrepreneurs and the Made in India stamp have set a benchmark globally, he noted.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
