Andhra Pradesh will get one of three Bulk Drug Parks sanctioned by Centre, says Union Minister

The land required for the project has been acquired in Thondangi mandal of Kakinada district, Bhagwanth Khuba informs Rajya Sabha

March 28, 2023 07:20 pm | Updated 07:20 pm IST - VISAKHAPATNAM

The Central government has sanctioned three Bulk Drug Parks to Andhra Pradesh, Gujarat and Himachal Pradesh, Union Minister of State for Pharmaceuticals Bhagwanth Khuba informed the Rajya Sabha on March 28 (Tuesday) in a rewritten reply to a question posed by Bharatiya Janata Party (BJP) MP G.V.L. Narasimha Rao.

The Bulk Drug Park sanctioned to Andhra Pradesh is being developed in 2,000.46 acres in Thondangi mandal of Kakinada district and the land required for the project has been acquired, the Union Minister said.

The estimated cost of the development of Common Infrastructure Facilities (CIF) in the proposed Bulk Drug Park has been put at ?1,441 crore which includes the Central government’s grant of ?1,000 crore.

Incentives for manufacturing units

In response to a question about the incentives being offered by the State government concerned to the manufacturing units in the Bulk Drug Parks, the Union Minister said the State government concerned would offer an interest subsidy of 3% on the term loan taken for fixed capital investment by new MSMEs for five years and reimbursement of 100% of net SGST accrued to the State for 10 years.

The parks are expected to generate economic activity for pharmaceutical sector in the region, he stated in the reply.

Referring to the Central government’s assistance, Mr. GVL Narasimha Rao said that the proposed Bulk Drug Park would help the Kakinada region emerge as a pharmaceutical hub in the country.

The BJP MP thanked Prime Minister Narendra Modi for selecting Andhra Pradesh for the project.

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