The Centre’s Production Linked Incentive (PLI) scheme has succeeded in attracting an investment of Rs 1.46 lakh crore in the manufacturing sector and has created over 9.5 lakh jobs, Commerce and Industry Minister Piyush Goyal informed the Lok Sabha.
As of date, 764 applications have been approved under PLI schemes across 14 sectors, the minister said in a written reply in the Lower House.
"As of August 2024, across 14 sectors, investment of Rs 1.46 lakh crore have been realised, which has resulted in incremental production/sales of over Rs 12.50 lakh crore, employment generation of over 9.5 lakh, and exports surpassing Rs 4 lakh crore," the minister said.
Incentives of Rs 2,968 crore in eight sectors and Rs 6,753 crore in nine sectors during 2022-23 and 2023-24, respectively, have been disbursed under the scheme, he said.
Goyal explained that keeping in view India's vision of becoming self-reliant PLI schemes have been announced for 14 key sectors with an outlay of Rs 1.97 lakh crore to enhance manufacturing capabilities and exports.
According to a Goldman Sachs report, over the past ten years, capital-intensive sub-sectors such as electronics, chemicals and machinery within India’s manufacturing sector, have seen major growth in both employment and exports.
The manufacturing sector has been undergoing a significant transformation, driven by government reforms aimed at boosting competitiveness and fostering sustainable economic growth.
At the heart of this transformation are the PLI Schemes, which have emerged as important catalysts in enhancing domestic production, encouraging technological advancements and attracting foreign and local investments, the report observes.
The report further states that growth has surged in India’s capital-intensive industries with the government focusing on promoting Assembly of electronics, machinery, and pharmaceutical products. This has resulted in the successful outcome of exports to developed markets experiencing double-digit growth. It also reflects India's progress in creating an export basket comprising more high-value products.
© 2024 IANS. All rights reserved.