PLI schemes witness over Rs 1.03 lakh crore of investment till November 2023
Jan 17, 2024
New Delhi [India], January 17 : Production-linked incentive (PLI) schemes witnessed over Rs 1.03 lakh crore of investment till November 2023, which has led to production or sales of Rs 8.61 lakh crore and employment generation (direct and indirect) of over 6.78 lakhs, Ministry of Commerce and Industry said in a press release.
PLI schemes have witnessed exports surpassing Rs 3.20 lakh crore, with significant contributions from sectors such as large-scale electronics manufacturing, pharmaceuticals, food processing, and telecom and networking products.
As on date, 746 applications have been approved in 14 sectors with expected investment of over Rs 3 lakh crore. 176 MSMEs are among the PLI beneficiaries in sectors such as Bulk Drugs, Medical Devices, Pharma, Telecom, White Goods, Food Processing, Textiles and Drones.
Several MSMEs are serving as investment partners/ contract manufacturers for large Corporates.
Incentive amount of around Rs 4,415 crore disbursed under PLI Schemes for eight Sectors viz. Large-Scale Electronics Manufacturing (LSEM), IT Hardware, Bulk Drugs, Medical Devices, Pharmaceuticals, Telecom and Networking Products, Food Processing and Drones and Drone Components.
Due to the PLI Scheme, 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. Production of 39 Medical Devices have commenced such as CT-Scan, Linear Accelerator (LINAC), Rotational Cobalt Machine, C-Arm, MRI, Cath Lab, Ultrasonography, Dialysis Machine, Heart Valves, Stents.
Import substitution of 60 per cent has been achieved in the Telecom sector and sales of Telecom and Networking Products by PLI beneficiary companies in FY 2023-24 increased by 370 per cent vis-a-vis Base Year (FY 2019-20).
As part of its Atmanirbhar and Make in India plan, the government launched Production Linked Incentive (PLI) schemes in varied sectors to make Indian manufacturers globally competitive, attract investments, enhance exports, integrate India into the global supply chain and reduce dependency on imports.
