New Delhi: The Commerce and Industry Ministry recently revealed that the Production-Linked Incentive (PLI) schemes, introduced to support manufacturing in 14 sectors, have successfully attracted investments exceeding Rs 95,000 crore as of September 2023.
Since the announcement of the schemes in the Union Budget 2021-22, a total of 746 applications have been approved by November 2023. The targeted sectors include electronics, telecommunication, pharmaceuticals, white goods (AC and LED light components), and textiles.
The ministry reported that it led to the establishment of PLI units in more than 150 districts across 24 states, along with a production and sales figure of Rs 7.80 trillion, generating direct and indirect employment opportunities for over 6.4 lakh individuals.
To support these initiatives, the government disbursed incentives worth Rs 2,900 crore in the financial year 2022-23.
The statement showed a 20% value addition in mobile manufacturing within three years. In the electronics realm, smartphones constituted a total production value of USD 44 billion in 2022-23, including USD 11.1 billion in exports.
The telecom sector demonstrated a 60% reduction in import dependence, achieving almost complete self-reliance in critical components such as Antennae, GPON (Gigabit Passive Optical Network), and CPE (Customer Premises Equipment).
Furthermore, the pharmaceutical sector witnessed a decrease in imports of raw materials, with domestic manufacturing now including unique intermediate materials and bulk drugs like Penicillin-G. Technology transfer initiatives have also facilitated the production of medical devices such as CT scans.
Addressing the white goods sector, the ministry disclosed that 64 companies have been selected under the PLI scheme, with 34 investing Rs 5,429 crore in air conditioner components and 30 investing Rs 1,337 crore in LED component manufacturing.
This is projected to create additional direct employment opportunities for approximately 48,000 individuals, the ministry informed, adding that 13 foreign companies are investing Rs 2,090 crore under the PLI scheme.
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