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Centre gives nod for Rs 4,500 crore credit support for SII, Bharat Biotech to boost COVID-19 vaccine production

The financial support came as the government decided to open up vaccination for all citizens above the age of 18 from May 1.

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To boost India's vaccine production in wake of the huge surge in COVID-19 caseload, the government on Monday announced that it has given in-principle approval for credit to vaccine manufacturers, Serum Institute of India (SII) and Bharat Biotech

The Union Finance Ministry has approved a sanction of Rs 3,000 crore credit for SII and Rs 1,500 crore to Bharat Biotech. The credit will be disbursed at the earliest.

Earlier, Adar Poonawalla, CEO of Serum Institute of India, had suggested that the company would require around Rs 3,000 crore to increase production of Covid-19 vaccines.

Industry body FICCI also recently suggested that the government should provide incentives to vaccine manufacturers to increase the production of Covid-19 vaccines in the country.

It recommended financing vaccine makers under a production linked incentive (PLI) type scheme.

The financial support came as the government decided to open up vaccination for all citizens above the age of 18 from May 1.

Meanwhile, vaccine manufacturers have been incentivized to further scale up their production, as well as attract new national and international players. They have been empowered to release up to 50 per cent of their supply to state governments and in the open market at a pre-declared price.

The government will, however, allow imported and fully ready-to-use vaccines to be entirely utilized in other than govt channels

States have also been empowered to procure additional vaccine doses directly from the manufacturers, as well as open up vaccination to any category of people above the age of 18 for the same.

The pricing, procurement, eligibility and administration of vaccines has been made flexible in Phase 3 of the world's largest vaccination drive. All stakeholders have been given the flexibility to customise to local needs.

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