Investments under PLI schemes to reach Rs 2L cr next year: Govt
Having already realised Rs 1.46 lakh actual investment under Production Linked Incentive (PLI) schemes till August 2024, the government expects that it is likely to reach Rs 2 lakh crore in the next year or so.
Union Minister for Commerce and Industry Piyush Goyal said this on Sunday during a meeting with representatives of 140 companies in New Delhi that are beneficiaries of the various PLI schemes across sectors.
The increased investment has resulted in production or sales worth Rs 12.5 lakh crore and employment generation of around 9.5 lakh (direct and indirect) which is expected to reach 12 lakh soon. Also, exports have exceeded Rs 4 lakh crore with substantial contribution from key sectors such as electronics, pharmaceuticals and food processing, according to Goyal.
In the electronics sector, mobile phone manufacturing now accounts for half of India’s total output, with a three times increase in exports since FY 2020-21. The pharmaceutical industry has revitalised the domestic production of bulk drugs and complex generics, reducing import dependence.
In the automobile sector, global champions have rolled out electric vehicles, with substantial investment in the country. The medical devices industry has seen technology transfers for critical equipment like CT scanners, fostering local production.
Similarly, the food processing sector contributed to sustainable agricultural practices and production of millet and organic products. Emerging sectors like drones have experienced a sevenfold increase in turnover, driven by MSMEs and start-ups. Solar PV module and specialty steel industries are also witnessing robust growth, with significant investments and localised production.
Goyal further said that the government is committed to fast-tracking all the necessary approvals related to PLI industry and also providing handholding support in achieving greater market access.
During the three-hour-long interaction, CEOs of beneficiary companies shared their perspectives on the PLI schemes.
