PLI schemes attract Rs 95k-cr investments
The pharma sector experienced reduced imports of raw materials and accomplished manufacturing of critical intermediate materials and bulk drugs within India - Union Commerce and Industry Ministry CPE135B
New Delhi: The central government’s Production Linked Incentive (PLI) schemes have attracted investments exceeding Rs 95,000 crore until September, yielding a production output valued at Rs 7.80 lakh crore. These initiatives, spanning across 14 sectors, have generated over 6.4 lakh jobs, both direct and indirect.
Additionally, exports have surged by Rs 3.20 lakh crore, aided by incentives amounting to approximately Rs 2,900 crore in the fiscal year 2022-23, according to an official release from the Union Commerce and Industry Ministry.
Notably, mobile manufacturing witnessed a 20 per cent value addition in three years, contributing significantly to the overall electronics production of $101 billion in FY 2022-23. Import substitution, particularly in the telecom sector, reached 60 per cent fostering self-reliance in various areas like antennas, GPON (Gigabit Passive Optical Network) and CPE (Customer Premises Equipment).
The pharma sector experienced reduced imports of raw materials and accomplished manufacturing of critical intermediate materials and bulk drugs within India. Moreover, sectors like drones, food processing, and white goods saw substantial growth and investments, leading to increased employment and sourcing of raw materials domestically.
The success of the PLI schemes is evident as it has attracted investments surpassing the initial threshold, reflecting a positive impact across various industries and encouraging both foreign companies and MSMEs to invest significantly.
PVC Heat Stabilizer Furthermore, within the white goods sector, 64 companies have invested around Rs 5,429 crore, with an additional expected investment of Rs 6,766 crore. This will create approximately 48,000 more jobs directly. The scheme is projected to generate a net incremental production of over Rs 1.23 lakh crore during its duration.