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In a recent statement from the Ministry of Commerce and Industry, the central government’s Production Linked Incentive (PLI) schemes have spurred investments exceeding Rs 95,000 crore, marking a significant boost to the production of goods totaling Rs 7.80 lakh crore by September. The impact of these schemes extends beyond financial gains, contributing to the creation of over 6.4 lakh jobs, both directly and indirectly, across 14 sectors.
The positive effects are evident in the export sector, with a substantial increase of Rs 3.20 lakh crore. Notably, incentives totaling around Rs 2,900 crore were disbursed in the fiscal year 2022-23, underscoring the success of the initiatives.
The mobile manufacturing industry has witnessed a commendable 20% value addition within a three-year period. In the fiscal year 2022-23, the overall electronics production reached USD 101 billion, with smartphones constituting USD 44 billion, including exports amounting to USD 11.1 billion.
Key achievements include a remarkable 60% import substitution in the Telecom sector, leading to India’s near self-reliance in Antennae, GPON (Gigabit Passive Optical Network), and CPE (Customer Premises Equipment). The Pharma sector has experienced a significant reduction in raw material imports, with India now manufacturing unique intermediate materials and bulk drugs, including critical products like Penicillin-G. Moreover, successful technology transfers have taken place in the manufacturing of medical devices such as CT scans and MRIs.
The Drones sector has seen an extraordinary sevenfold increase in turnover, primarily driven by MSME startups. The PLI Scheme for Food Processing has not only boosted sourcing of raw materials from India but has also positively impacted the income of Indian farmers and MSMEs.
In the realm of white goods, investments of Rs 5,429 crore from 64 companies have been secured under the PLI scheme for ACs and LED lights. Future investments totaling Rs 6,766 crore are anticipated, creating an additional direct employment opportunity for approximately 48,000 individuals.
The net incremental production is expected to exceed Rs 1.23 lakh crore during the scheme period. Highlighting the success, the official statement revealed that beneficiaries have surpassed the threshold investment of Rs 1,266 crore, with actual investments reaching Rs 2,084 crore by September. This underlines the effectiveness of the PLI scheme in driving economic growth and fostering a thriving business environment.
