An Overview:
Marking a decade of the “Make in India” initiative, the Production Linked Incentive (PLI) Scheme is set to drive major investments and technological advancements across key industries, including the medtech sector.
PLI Scheme Investment to Reach ₹2 Lakh Crore
Minister of Commerce and Industry, Piyush Goyal, announced that PLI Scheme investments are expected to reach ₹2 lakh crore by next year, up from the current ₹1.46 lakh crore as of August 2024. This scheme has fueled production worth ₹12.50 lakh crore and generated 9.5 lakh jobs, with employment expected to hit 12 lakh soon.
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Growth in Key Sectors
PLI beneficiary sectors like electronics, pharmaceuticals, and medical devices have seen tremendous growth:
- Electronics: Mobile phone manufacturing now accounts for half of India’s total electronics output, with a 3x increase in exports since FY 2020-21.
- Pharmaceuticals: Domestic production of bulk drugs and complex generics has reduced import dependence.
- Medical Devices: The medtech sector has witnessed key technology transfers, enabling local production of critical equipment like CT scanners.
MedTech Industry Benefits from Technology Transfers
Under the PLI Scheme, the medical device industry has been significantly strengthened through technology transfers, fostering domestic production of advanced equipment and reducing import reliance.
Government Commitment to Continued Growth
The government is committed to fast-tracking approvals and providing necessary support to industry stakeholders, ensuring greater market access and promoting India’s global manufacturing competitiveness.
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