PLI Schemes Generate Rs 1.61 Lakh Crore Investment, Create 11.5 Lakh Jobs
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Synopsis
The production-linked incentive (PLI) schemes have generated investments totaling Rs 1.61 lakh crore, resulting in Rs 14 lakh crore in production and Rs 5.31 lakh crore in exports, while creating 11.5 lakh jobs, according to the government's announcement on March 22.
Key Takeaways
- PLI schemes have generated Rs 1.61 lakh crore in investments.
- Created 11.5 lakh jobs across 14 key sectors.
- Exports under the PLI schemes reached Rs 5.31 lakh crore.
- Significant investments in specialty steel and medical devices.
- India achieved 60% import substitution in telecom products.
New Delhi, March 22 (NationPress) The production-linked incentive (PLI) schemes have amassed Rs 1.61 lakh crore in investments, Rs 14 lakh crore in production, and Rs 5.31 lakh crore in exports, all while generating 11.5 lakh jobs, as stated by the government on Saturday.
So far, 764 applications have been sanctioned under PLI schemes across 14 key sectors, with 176 MSMEs benefiting from these initiatives in industries such as bulk drugs, medical devices, pharmaceuticals, telecom, white goods, food processing, textiles, and drones, according to a statement from the Ministry of Commerce and Industry.
The PLI schemes have seen exports exceed Rs 5.31 lakh crore (approximately $61.76 billion), with notable contributions from sectors like large-scale electronics manufacturing, pharmaceuticals, food processing, and telecom products.
Currently, PLI schemes for 14 key sectors are being implemented to bolster India's manufacturing capabilities and exports. An incentive amount of approximately Rs 14,020 crore has been disbursed under these schemes across 10 sectors, as informed by the ministry.
For the PLI initiative focused on specialty steel, investments totaling about Rs 20,000 crore have been made by companies—out of a committed Rs 27,106 crore—resulting in direct employment for 9,000 individuals.
So far, an incentive of Rs 48 crore has been released to the industry. The Ministry of Steel anticipates that an incentive amounting to Rs 2,000 crore will be disbursed by the end of the scheme's tenure. Notably, 14 out of 58 projects have withdrawn from the scheme due to changes in company business plans and delays in project execution.
Additionally, 35 companies have expressed interest in the second phase of the PLI scheme for specialty steel, committing to further investments of Rs 25,200 crore.
For the food processing industry under the PLI scheme, the deadline for filing claims is set for November 30 for millets and December 31 for other categories.
“For the FY 2022-23 claim year, an incentive of Rs 474 crore has been disbursed. For FY 2023-24, the target for disbursement is Rs 700 crore, which is on track for achievement,” the ministry noted.
In the PLI scheme aimed at boosting domestic manufacturing of medical devices, 19 green-field projects have been launched, resulting in the production of 44 products, including high-end medical devices like Linear Accelerators, MRI machines, CT-Scans, Mammograms, C-Arms, and Ultrasound machines that were previously imported.
Under the PLI Scheme for White Goods (including ACs and LED Lights), 84 companies are set to invest Rs 10,478 crore, thereby enhancing domestic capacity in the AC and LED sectors.
“India has accomplished a 60 percent import substitution in telecom products through the PLI scheme for telecom and networking products, with global tech companies establishing manufacturing units, transforming India into a significant exporter of 4G and 5G telecom equipment,” the ministry highlighted.
