2024-01-17 15:33:45
The government has disbursed incentive of around ₹4,415 crore disbursed under the Production Linked Incentive (PLI) scheme for eight sectors so far, per figures shared by the Department for Promotion of Industry and Internal Trade (DPIIT).
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The sectors where disbursements have been made include large scale electronic manufacturing, IT Hardware, bulk drugs, medical devices, pharmaceuticals, telecom and networking products, food processing and drones and drone components, DPIIT Additional Secretary Rajeev Singh Thakur said at a press briefing.
A total of ₹1,515 crore was disbursed in FY24 till October, while it was ₹2,900 crore in 2022-23, when payments under the scheme commenced.
Going forward
Next fiscal, disbursements will begin in at least four of the six remaining sectors that are part of the PLI scheme, Thakur added. The six sectors where disbursements are yet to start include white goods, speciality steel, textiles, high efficiency solar PV modules, chemistry cell batteries and electronic/technology products.
Singh said that while some small changes may be made by the line Ministries in the processes for certain sectors where performance may not be as expected, no major change is likely in the schemes.
Investments of over ₹1.03 lakh crore were made in the PLI schemes till November 2023, which led to production/sales of ₹8.61 lakh crore and employment generation (direct & indirect) of over 6.78 lakh, the DPIIT noted.
PLI Schemes have led to exports surpassing ₹3.20 lakh crore, with significant contributions from sectors such as large-scale electronics manufacturing, pharmaceuticals, food processing, and telecom & networking products.
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The government has so far approved 746 applications in the 14 sectors under the scheme with expected investment of over ₹3 lakh crore. As many as 176 MSMEs are among the PLI beneficiaries in sectors such as bulk drugs, medical devices, pharma, telecom, white goods, food processing, textiles & drones, per a statement.
The PLI scheme was launched with an outlay of ₹1.97 lakh crore to enhance India’s manufacturing capabilities and exports.
“PLI scheme across these key specific sectors has started to make Indian manufacturers globally competitive, attract investment in the areas of core competency and cutting-edge technology; ensure efficiencies; create economies of scale; enhance exports and make India an integral part of the global value chain,” the statement added.
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