PLI schemes clock Rs 1.61 lakh crore in investment, generate 11.5 lakh jobs
The production-linked incentive (PLI) schemes have clocked Rs 1.61 lakh crore in investment, Rs 14 lakh crore in production and Rs 5.31 lakh crore in exports while creating 11.5 lakh jobs, the government said on Saturday.
To date, 764 applications have been approved under PLI schemes for 14 key sectors and 176 MSMEs are among the PLI beneficiaries in sectors such as bulk drugs, medical devices, pharma, telecom, white goods, food processing, textiles and drones, according to a Ministry of Commerce and Industry statement.
The PLI schemes have witnessed exports surpassing Rs 5.31 lakh crore (around $61.76 billion), with significant contributions from sectors such as large-scale electronics manufacturing, pharmaceuticals, food processing, and telecom and networking products.
The PLI schemes for 14 key sectors are under implementation to enhance India's manufacturing capabilities and exports. Incentive amount of around Rs 14,020 crore disbursed under PLI schemes for 10 sectors, informed the ministry.
In the PLI scheme for specialty steel, about Rs 20,000 crore of investments have been made by companies -- out of Rs 27,106 crore committed -- and these projects have given a direct employment of 9,000.
The incentive of Rs 48 crore has been released to the industry so far. The Ministry of Steel estimates that an incentive of Rs 2,000 crore will be disbursed by the end of the scheme tenure. About 14 of 58 projects withdrew from the scheme either because of change in business plans of the company and project execution delays.
As many as 35 companies have shown interest in the second round of the PLI scheme for specialty steel. A further commitment of Rs 25,200 crore investment has been committed by these companies.
Under the PLI scheme for the food processing industry, the deadline for filing claims is 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 disbursement target is Rs 700 crore, which is on track to be achieved,” informed the ministry.
Under the PLI scheme for promoting domestic manufacturing of medical devices, 19 green-field projects have been commissioned and production of 44 products including high end medical devices such as Linear Accelerator, MRI machines, CT-Scans, Mammograms, C-Arms and Ultrasound machines etc., which were previously imported into the country has started.
About 84 companies under the PLI Scheme for White Goods (ACs and LED Lights) are set to bring investments of Rs 10,478 crore, strengthening domestic capacity in AC and LED segment.
“India has achieved 60 per cent import substitution in telecom products under the PLI scheme for telecom and networking Products. Global tech companies have set up manufacturing units, turning India into a major exporter of 4G and 5G telecom equipment,” the ministry said.
