Strengthening of Pharmaceutical Industry Scheme
What’s in the news?
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The Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers has released the guidelines for the scheme “Strengthening of Pharmaceutical Industry (SPI)”, with a total financial outlay of Rs.500 Cr for the period from FY 21-22 to FY 25-26.
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The scheme will address the rising demand in terms of support required to existing Pharma clusters and MSMEs across the country to improve their productivity, quality and sustainability.
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The objectives of the scheme are to strengthen the existing infrastructure facilities in order to make India a global leader in the Pharma Sector.
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Under the Scheme, financial assistance to pharma clusters will be provided for creation of Common Facilities. This will not only improve the quality but also ensure the sustainable growth of clusters.
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Further, in order to upgrade the production facilities of SMEs and MSMEs so as to meet national and international regulatory standards (WHO-GMP or Schedule-M), interest subvention or capital subsidy on their capital loans will be provided, which will further facilitate the growth in volumes as well as in quality.
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