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PLI schemes have brought in Rs 95,000 cr investments: Centre
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The central government’s production linked incentive (PLI) schemes has led to investments of over Rs 95,000 crore till September, resulting in the production of goods worth Rs 7.80 lakh crore, according to a Commerce Industry statement released on Tuesday.
The PLI schemes launched across 14 sectors have also created employment, both direct and indirect, of over 6.4 lakh.
Exports have been boosted by Rs 3.20 lakh crore. Incentives worth around Rs 2,900 crore have been disbursed in FY 2022-23, the statement added.
There has been a value addition of 20 per cent in mobile manufacturing within a period of three years. Of the USD 101 billion total electronics production in FY 2022-23, smartphones constitute USD 44 billion, including USD 11.1 billion as exports, according to figures compiled by the ministry.
Import substitution of 60 per cent has been achieved in the Telecom sector and India has become almost self-reliant in Antennae, GPON (Gigabit Passive Optical Network) & CPE (Customer Premises Equipment). There has been a significant reduction in imports of raw materials in the Pharma sector. Unique intermediate materials and bulk drugs are being manufactured in India including Penicillin-G, and transfer of technology has happened in manufacturing of Medical Devices such as CT scan, MRI, etc.
Drones sector has seen a seven times jump in turnover, which consists of all MSME Startups. Under the PLI Scheme for Food Processing, sourcing of raw materials from India has seen significant increase which has positively impacted income of Indian farmers and MSMEs, the statement explained.
The PLI scheme for white goods such as ACs and LED lights has brought in investments by as many as 64 companies which add up to Rs 5,429 crore. Further investments of Rs 6,766 crore are envisaged in sector creating additional direct employment of about 48,000 persons.
The net incremental production is expected to be more than Rs 1.23 lakh crore during the scheme period. While 13 foreign companies are investing Rs 2,090 crore under the scheme another 23 MSME applicants have committed investments of Rs1,042 crore under the scheme.
As against the threshold investment of Rs 1,266 crore, actual investment of Rs 2,084 crore have been done by the beneficiaries up to September reflecting the success of the scheme, the official statement added.
