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Production Linked Incentive Scheme
PLI - Production Linked Incentive Scheme for Medical Device Manufacturers
Production Linked Incentive Scheme
The medical device sector in India suffers from heavy costs due to adequate infrastructure, domestic supply chain, logistics, and high cost of finance. Thus, manufacturers require a huge amount of investment to run their business. For compensation to manufacturers of medical devices, the Government of India has come up with a scheme called Production Linked Scheme. The objective of the scheme is to promote domestic manufacturers of medical devices.
The Scheme provides financial Incentives to boost domestic manufacturing and attract large investments in Medical Device Sector.
What is the Objective of the PLI Scheme?
This Scheme intends to boost domestic manufacturing and it also attracts huge investment.
What is the Applicability of this Scheme?
This scheme is applicable only for Greenfield Projects.
Goods manufactured in India and falling under target segments.
Target Segment under Production Linked Scheme areas :
Medical Device Segment Category.
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Cancer care / Radiotherapy
|
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Radiology, Imaging, and Nuclear Imaging Devices |
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Anesthetics, Cardio-Respiratory and Renal Care |
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Anesthetics, Cardio-Respiratory and Renal Care |
What is the Eligibility of Incentive?
For companies engaged in manufacturing of goods falling under target segments in India only.
It is subject to:
thresholds of investment and
Incremental sales of manufactured goods over.
An Applicant meets all the thresholds and conditions eligible for disbursement of incentive
Who can Apply for PLI?
An applicant for the purpose of this scheme is any company registered in India, which proposes to manufacture goods under the target clause and applies for approval under the scheme. The applicant has to make a minimum investment in any greenfield project. The above construction is done at one or more places in India.
Eligibility Criteria:
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Segment
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Incentive Rate
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Threshold Minimum Investment
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Threshold Minimum Incremental Sales of Manufactured Goods
|
|
All Four Segments of Medical Devices |
Year1 -5 % Year 2-5 % Year 3 -5 % Year 4-5 % Year 5- 5 % |
INR 180 Crore over 3 years |
Year 1 INR 120 Crore Year 2 INR 240 Crore Year 3 INR 360 Crore Year 4 INR 460 Crore Year 5 INR 560 Crore |
How the Selection is done for PLI?
On the basis of the score obtained in the evaluation criteria as per the government guidelines.
In case of two applicants have the same score, the selection is made on the basis of the score against the parameter prescribed as per government guidelines.
A maximum of 28 applicants were selected under the scheme.
A maximum of 10 applicants were selected under each target segment.
How does the Application File for PLI?
An application is submitted through an online portal. The Project Management Agency issues a unique number. Application ID to the applicant for all future references related to the scheme.
Project Management Agency
The Financial Institution or any other authority appointed to act on its behalf for receipt and evaluation of applications, verification of eligibility, and scrutiny of disbursement claims through any method/document as deemed fit and in accordance with the above guidelines.
What are the documents required for the PLI scheme?
1 Copy of Incorporation Certificate
2 Copy of Audited Balance sheet and Profit and Loss Statement for the Last 2 years.
3 Copy of PAN Card
4 Copy of GST Details
5 Copy of Article of Association
6 Copy of Memorandum of Association
7 Letter authorizing the signing authority
8. Copy of shareholder ownership in the case of foreign companies.
We, ELT Consultants, a group of professionals, are Medical Consultant lawyers who provide services related to guidance on Production Linked Incentive Scheme and provide all services related to this. we may help you in providing all services.
ELT Corporate and Medical Device Registration:
ELT is renowned for its services in all areas of scientific licensing from Corporate Legal Metrology, BIS, Drugs & Cosmetics, Medical Devices, Food Safety, and Environment Safety to New Technology Patents. ELT Corporate has a team of Advocates, Engineers, M.Pharma, Chartered Accountants, and Company Secretaries. With such a unique combination of talent under one roof, it has always been a hassle-free wonderful experience for large corporates.
ELT Corporate is one of the best Medical Device Consultants in India and has always endeavored to provide the best experience to its clients.
Production Linked Incentive Scheme.
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