The Department of Pharmaceuticals (DoP) has recently made significant updates to the Supply Chain Obligation Discharge (SCOD) and bank guarantee clauses for the Production Linked Incentive (PLI) schemes in the bulk drugs and medical devices industries. These changes are aimed at streamlining the process and ensuring better compliance with the objectives of the PLI schemes.
The SCOD is a crucial aspect of the PLI schemes, as it requires companies to meet certain local content requirements in order to qualify for incentives. The DoP has now revised the SCOD guidelines to provide more clarity on the calculation of local content and the documentation required to demonstrate compliance. This will help companies better understand their obligations and ensure that they are able to meet the requirements set out by the government.
In addition, the DoP has also updated the bank guarantee clauses for the PLI schemes in order to provide more flexibility to companies participating in the schemes. Under the new guidelines, companies will have the option to provide either a bank guarantee or a corporate guarantee as security for their obligations under the scheme. This change is expected to make it easier for companies to participate in the schemes and access the incentives that are available.
These updates come at a time when the government is looking to boost domestic manufacturing in the pharmaceutical and medical devices industries. The PLI schemes are aimed at incentivizing companies to increase their production capacity and invest in new technologies in order to reduce dependence on imports and strengthen India’s position as a global manufacturing hub.
Overall, the changes made by the DoP to the SCOD and bank guarantee clauses for the PLI schemes in the bulk drugs and medical devices industries are expected to make it easier for companies to participate in the schemes and comply with their obligations. This will help drive growth and innovation in these critical sectors, ultimately benefiting both companies and consumers alike.
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- Source: Plato Data Intelligence.
- Source Link: https://platohealth.ai/dop-revises-scod-and-bank-guarantee-clauses-of-pli-schemes-for-bulk-drugs-and-medical-devices/
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