According to a statement made by the Ministry of Commerce and Industry on Tuesday, the production-linked incentive (PLI) schemes implemented by the Indian government have received an amazing response, luring investments worth over Rs 95,000 crore in 14 industries until September 2023. 746 applications have been authorized by the programs, and the Union Budget for the fiscal year 2021–2022 has set aside Rs 1.97 trillion for this purpose.
India’s production capacity and exports in the fields of electronics, telephony, pharmaceuticals, white goods, and textiles are to be increased through the PLI initiatives. Significant results have resulted from these measures, such as a 60% decrease in the reliance on imports for the telecom sector and a 20% increase in value added in mobile manufacturing within three years. With approximately Rs 7.80 trillion in production and sales as a result of these investments, over 6.4 lakh people are employed directly or indirectly.
The ministry showcased noteworthy accomplishments in a number of industries, including the telecom sector’s import substitution, the pharmaceutical industry’s decreased reliance on imported raw materials, and the fabrication of medical devices. Furthermore, 64 companies in the white goods sector have been chosen for the PLI plan, and additional investments are anticipated to create almost 48,000 direct jobs.
