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Investments: The PLI schemes attracted Rs. 95k crore, says govt

Investments: The PLI schemes attracted Rs. 95k crore, says govt

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Virendra Pandit 

 

New Delhi: The Centre’s ambitious Production-Linked Incentive (PLI) schemes, launched in 2021 for 14 sectors to make India self-reliant and boost exports, have attracted investments of over Rs. 95,000 crores until September 2023, the government informed.

According to the Ministry of Commerce and Industry, altogether 746 applications were approved under these schemes until November 2023.

In the Union Budget 2021-22, the government announced an outlay of Rs 1.97 trillion for the PLI schemes aiming to enhance India’s manufacturing capabilities and exports.

The sectors included electronics, telecommunication, pharma, white goods (AC and LED light components), and textiles.

“(Altogether) 746 applications have been approved until November 2023. The PLI units have been established in over 150 districts (24 states). Over Rs 95,000 crore of investment reported till September, which has led to production/sales of Rs 7.80 trillion and employment generation (direct & indirect) of over 6.4 lakh,” the ministry said.

Incentives worth around Rs. 2,900 crores have also been disbursed in 2022-23.

“There has been a value addition of 20 percent in mobile manufacturing within 3 years,” the statement said.

Of the USD 101 billion worth of total electronics production in 2022-23, smartphones’ share was USD 44 billion, including USD 11.1 billion as exports.

“Import substitution of 60 percent has been achieved in the telecom sector and India has become almost self-reliant in the making of antennae, GPON (Gigabit Passive Optical Network) and CPE (Customer Premises Equipment),” the ministry said.

The pharmaceutical sector has also seen a significant reduction in imports of raw materials.

“Unique intermediate materials and bulk drugs are being manufactured in India including Penicillin-G, and transfer of technology has happened in manufacturing medical devices such as CT scan,” it added.

About PLI in the white goods (AC and LED light components), it said that 64 companies were selected under the scheme.

Of this, 34 would invest Rs 5,429 crore for air conditioner components and 30 would invest Rs 1,337 crore for LED component manufacturing.

“Further investments of Rs 6,766 crore are envisaged creating additional direct employment of about 48,000 persons,” the ministry said, adding that 13 foreign companies are investing Rs 2,090 crore under these schemes.

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