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With reference to the Production Linked Incentive (PLI) Scheme for Pharmaceuticals, consider the following statements:
1. The Scheme is expected to bring in an investment of Rs. 35,000 crore in the pharmaceutical sector.
2. The scheme will be part of the umbrella scheme for the Development of the Pharmaceutical Industry.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'B'. Can you explain this answer?
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Verified Answer
With reference to the Production Linked Incentive (PLI) Scheme for Pha...
The Union Cabinet has approved the Production Linked Incentive (PLI) Scheme for Pharmaceuticals over a period of Financial Year 2020-21 to 2028-29.
- Total incremental sales of Rs.2,94,000 crore and total incremental exports of Rs.1,96,000 crore are estimated during six years from 2022-23 to 2027-28.
- The Scheme is also expected to bring in investment of Rs.15,000 crore in the pharmaceutical sector.
- The scheme will be part of the umbrella scheme for the Development of the Pharmaceutical Industry.
- The objective of the scheme is to enhance India's manufacturing capabilities by increasing investment and production in the sector and contributing to product diversification to high-value goods in the pharmaceutical sector.
- Target Groups: The manufacturers of pharmaceutical goods registered in India will be grouped based on their Global Manufacturing Revenue (GMR) to ensure wider applicability of the scheme across the pharmaceutical industry and at the same time meet the objectives of the scheme.
- Quantum of Incentive: The total quantum of incentive (inclusive of administrative expenditure) under the scheme is about Rs 15,000 crore.
Category of Goods:
The scheme shall cover pharmaceutical goods under three categories as mentioned below:
- Category 1: Biopharmaceuticals; Complex generic drugs; Patented drugs or drugs nearing patent expiry; Cell-based or gene therapy drugs; Orphan drugs; Special empty capsules like HPMC, Pullulan, enteric etc.; Complex excipients; Phyto-pharmaceuticals: Other drugs as approved.
- Category 2: Active Pharmaceutical Ingredients / Key Starting Materials / Drug Intermediates.
- Category 3: Drugs not covered under Category 1 and Category 2.
Most Upvoted Answer
With reference to the Production Linked Incentive (PLI) Scheme for Pha...
PLI Scheme for Pharmaceuticals
Statement 1: The Scheme is expected to bring in an investment of Rs. 35,000 crore in the pharmaceutical sector.
This statement is incorrect. The PLI scheme for Pharmaceuticals was announced by the Government of India in July 2020 with the aim of promoting domestic manufacturing and reducing the country's dependence on imports of critical medical supplies. Under the scheme, eligible manufacturers will be provided with incentives on incremental sales of certain pharmaceutical products over the next five years. However, the scheme has not specified any investment target for the pharmaceutical sector.
Statement 2: The scheme will be part of the umbrella scheme for the Development of the Pharmaceutical Industry.
This statement is correct. The PLI scheme for Pharmaceuticals is part of a broader umbrella scheme for the development of the pharmaceutical industry, which also includes measures such as setting up of bulk drug parks, promoting medical device parks, and providing funds for research and development in the sector. The umbrella scheme, called the Scheme for Promotion of Manufacturing of Pharmaceuticals and Medical Devices, aims to make India self-reliant in the production of critical medical supplies and generate employment in the sector.
Conclusion
Only statement 2 is correct. The PLI scheme for Pharmaceuticals is part of the umbrella scheme for the Development of the Pharmaceutical Industry, but there is no investment target specified for the pharmaceutical sector under the scheme.
Statement 1: The Scheme is expected to bring in an investment of Rs. 35,000 crore in the pharmaceutical sector.
This statement is incorrect. The PLI scheme for Pharmaceuticals was announced by the Government of India in July 2020 with the aim of promoting domestic manufacturing and reducing the country's dependence on imports of critical medical supplies. Under the scheme, eligible manufacturers will be provided with incentives on incremental sales of certain pharmaceutical products over the next five years. However, the scheme has not specified any investment target for the pharmaceutical sector.
Statement 2: The scheme will be part of the umbrella scheme for the Development of the Pharmaceutical Industry.
This statement is correct. The PLI scheme for Pharmaceuticals is part of a broader umbrella scheme for the development of the pharmaceutical industry, which also includes measures such as setting up of bulk drug parks, promoting medical device parks, and providing funds for research and development in the sector. The umbrella scheme, called the Scheme for Promotion of Manufacturing of Pharmaceuticals and Medical Devices, aims to make India self-reliant in the production of critical medical supplies and generate employment in the sector.
Conclusion
Only statement 2 is correct. The PLI scheme for Pharmaceuticals is part of the umbrella scheme for the Development of the Pharmaceutical Industry, but there is no investment target specified for the pharmaceutical sector under the scheme.
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With reference to the Production Linked Incentive (PLI) Scheme for Pharmaceuticals, consider the following statements:1. The Scheme is expected to bring in an investment of Rs. 35,000 crore in the pharmaceutical sector.2. The scheme will be part of the umbrella scheme for the Development of the Pharmaceutical Industry.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?
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With reference to the Production Linked Incentive (PLI) Scheme for Pharmaceuticals, consider the following statements:1. The Scheme is expected to bring in an investment of Rs. 35,000 crore in the pharmaceutical sector.2. The scheme will be part of the umbrella scheme for the Development of the Pharmaceutical Industry.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about With reference to the Production Linked Incentive (PLI) Scheme for Pharmaceuticals, consider the following statements:1. The Scheme is expected to bring in an investment of Rs. 35,000 crore in the pharmaceutical sector.2. The scheme will be part of the umbrella scheme for the Development of the Pharmaceutical Industry.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the Production Linked Incentive (PLI) Scheme for Pharmaceuticals, consider the following statements:1. The Scheme is expected to bring in an investment of Rs. 35,000 crore in the pharmaceutical sector.2. The scheme will be part of the umbrella scheme for the Development of the Pharmaceutical Industry.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?.
With reference to the Production Linked Incentive (PLI) Scheme for Pharmaceuticals, consider the following statements:1. The Scheme is expected to bring in an investment of Rs. 35,000 crore in the pharmaceutical sector.2. The scheme will be part of the umbrella scheme for the Development of the Pharmaceutical Industry.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about With reference to the Production Linked Incentive (PLI) Scheme for Pharmaceuticals, consider the following statements:1. The Scheme is expected to bring in an investment of Rs. 35,000 crore in the pharmaceutical sector.2. The scheme will be part of the umbrella scheme for the Development of the Pharmaceutical Industry.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the Production Linked Incentive (PLI) Scheme for Pharmaceuticals, consider the following statements:1. The Scheme is expected to bring in an investment of Rs. 35,000 crore in the pharmaceutical sector.2. The scheme will be part of the umbrella scheme for the Development of the Pharmaceutical Industry.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?.
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