PLI Initiative Attracts Investment of Rs 1.46 Lakh Crore and Generates 9.5 Lakh Jobs
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New Delhi, Dec 18 (NationPress) The government’s Production Linked Incentive (PLI) initiative has effectively drawn in an investment totaling Rs 1.46 lakh crore in the manufacturing domain, leading to the generation of more than 9.5 lakh jobs, as stated by Commerce and Industry Minister Piyush Goyal during his address to the Lok Sabha.
As of now, a total of 764 applications have received approval under the PLI program across 14 sectors, according to the minister's written statement in the Lower House.
“As of August 2024, across 14 sectors, an impressive investment of Rs 1.46 lakh crore has been secured, resulting in an incremental production/sales worth over Rs 12.50 lakh crore, creating employment for over 9.5 lakh individuals, and exports exceeding Rs 4 lakh crore,” the minister reported.
The minister added that incentives amounting to Rs 2,968 crore in eight sectors and Rs 6,753 crore in nine sectors have been disbursed during the fiscal years 2022-23 and 2023-24, respectively.
Goyal highlighted that in alignment with India's aspiration to achieve self-reliance, PLI schemes have been launched for 14 key sectors with an allocation of Rs 1.97 lakh crore to boost manufacturing capabilities and export potential.
A Goldman Sachs report noted that over the last decade, capital-intensive sub-sectors such as electronics, chemicals, and machinery within India's manufacturing landscape have experienced substantial growth in both employment and exports.
The manufacturing sector is currently undergoing a major transformation, driven by government reforms aimed at enhancing competitiveness and promoting sustainable economic growth.
The core of this transformation lies within the PLI programs, which have served as vital catalysts for increasing domestic production, fostering technological progress, and attracting both foreign and domestic investments, according to the report.
The report further indicates that there has been a significant surge in India’s capital-intensive industries, with the government prioritizing the assembly of electronics, machinery, and pharmaceutical products. This has led to successful outcomes in exports to developed markets, witnessing double-digit growth. It also highlights India's advancement in developing an export portfolio comprising more high-value goods.
