PLI scheme has secured $16bn investments
India’s merchandise exports surpassed US$437 billion in FY2023-24, says the Ministry of Commerce & Industry in an update on 10 years of ‘Make in India’ and the follow-on supporting initiatives fieo.org .
Exports have surged, with an additional Rs.4 lakh crore generated due to the Production Linked Incentive (PLI) Scheme, while total employment in the manufacturing sector increased from 57 million in 2017-18 to 64.4 million in 2022-23 bseindia .
The PLI Schemes introduced in 2020 have resulted in Rs.1.32 lakh crore (US$16 billion) in investments and a significant boost in manufacturing output of Rs.10.90 lakh crore (US$130 billion) as of June 2024. Over 8.5 lakh jobs have been created directly and indirectly due to the initiative, the ministry said on 25 Sept 2024 nseindia .
Since 2014, India has attracted a cumulative Foreign Direct Investment (FDI) inflow of US$667.4 billion (2014-24), registering an increase of 119% over the preceding decade (2004-14). This investment inflow spans 31 States and 57 sectors, driving growth across diverse industries. Most sectors, except certain strategically important sectors, are open for 100% FDI under the automatic route. FDI equity inflows into the manufacturing sector over the past decade (2014-24) reached US$165.1 billion, marking a 69% increase compared to the previous decade (2004 -14), which saw inflows of US$97.7 billion sbi .
These numbers were shared as the ministry celebrated the ‘Make in India’ initiative, launched on 25 Sept 2014, underscoring that the scheme has completed a landmark decade of empowering India to become a global manufacturing hub startupindia .
Ease of Doing Business: India’s commitment to improving business conditions is evident in its sharp rise from 142nd rank in 2014 to 63rd rank in 2019 in the World Bank’s Doing Business Report. Over 42,000 compliances have been reduced, and 3,700 provisions has been decriminalized. The Jan Vishwas (Amendment of Provisions) Act, 2023, passed by Lok Sabha on 27th July 2023 and Rajya Sabha on 2nd August 2023, which has decriminalized 183 provisions across 42 Central Acts makeinindia .
Key Reforms
Semiconductor Ecosystem Development: Semicon India Program, worth Rs.76,000 crore, aims to provide an impetus to semiconductor and display manufacturing by facilitating capital support and technological collaborations. India has developed policies to support every segment of the semiconductor ecosystem, not just focusing on fabs but also including packaging, display wires, OSATs, sensors, and more sgx .
National Single Window System (NSWS): Launched in September 2021, this platform simplifies the investor experience, integrating clearances from 32 Ministries/ Departments and 29 States/UTs, facilitating rapid approvals jpx.co.jp .
PM Gatishakti: PM Gati Shakti National Master Plan (NMP), a GIS based platform with portals of various Ministries/Departments of Government, was launched in October, 2021. It is a transformative approach to facilitate data-based decisions related to integrated planning of multimodal infrastructure, thereby reducing logistics cost wto.org .
National Logistics Policy (NLP): Aimed at reducing logistics costs and increasing efficiency, the NLP, launched in 2022, is key to making Indian products more globally competitive deutsche-boerse .
Industrial Corridors & Infrastructure: The development of 11 industrial corridors under the National Industrial Corridor Development Programme has seen the approval of 12 new projects with a projected investment of Rs.28,602 crore. These corridors enhance India’s competitiveness by providing world-class infrastructure conexpoconagg .
One-District-One-Product (ODOP): Promoting indigenous products and craftsmanship across India, the ODOP initiative has fostered local economic development, with Unity Malls being set up in 27 states to provide platforms for these unique products iba.org.in .
Startup India: The Government with intent to build a strong ecosystem for nurturing innovation and encouraging investments launched the Startup India initiative on 16th January 2016. Sustained efforts by the Government under the Startup India initiative have led to an increase in the number of recognised startups to 140,803 as on 30th June 2024, which have created over 15.5 lakh direct jobs euronext .
As India moves into its next decade of growth, ‘Make in India 2.0’ focuses on furthering sustainability, innovation, and self-reliance. With strategic interventions in renewable energy, green technologies, and advanced manufacturing, the initiative is ensuring that Indian products meet the highest global standards, the ministry said renewableenergyworld . fiiinews.com
