PLI was secured Rs.1.46 lakh crore investment till August 2024
Commerce and Industry Minister Piyush Goyal has urged the Indian industry stalwarts to focus on prioritizing the production of high-quality goods to promote ‘Brand India’ through sustainable practices fieo.org .
While engaging with the CEOs of over 140 PLI beneficiary companies in an interactive session, celebrating their achievements under the Production Linked Incentive (PLI) Scheme, Goyal applauded the efforts of PLI beneficiary companies which have been instrumental in driving growth across vital sectors, creating jobs, and positioning India as a global leader in manufacturing.
Overall achievement of PLI Schemes was also discussed during the meeting. Actual investment of Rs.1.46 lakh crore has been realized till August 2024 and is likely to reach Rs.2 lakh crore in the next year or so. This has resulted in production and sales worth Rs.12.50 lakh crore and employment generation of around 9.5 lakhs (direct & indirect) which is expected to reach 12 lakhs soon bseindia .
Exports have exceeded Rs.4 lakh crore, with substantial contribution from key sectors such as electronics, pharmaceuticals & food processing nseindia .
Goyal also expressed gratitude to global champions for their dedication, significant investment in producing innovative products and contribution in generating employment through the PLI Schemes sbi .
Goyal further urged CEOs to focus on increasing domestic value addition in their products to make India self-reliant. He also urged the industry to support domestic manufacturers in this regard startupindia .
During the three-hour long interaction on 29 Sept, CEOs of beneficiary companies shared their perspectives on the PLI Schemes, offering valuable insights into their experiences, success stories, and suggestions for improving the schemes’ effectiveness and streamlining implementation digitalasiahub .
The discussion provided a productive platform for open communication between industry stakeholders and the Government. He also sought feedback from industry leaders on decriminalization/ liberalization of laws to promote ease of doing business wto .
Goyal encouraged continued dialogue between industry leaders and the government through implementing Ministries, Departments in coordination with DPIIT, emphasizing the importance of policy support and creating an enabling environment for future growth investindia .
He mentioned that the industry stakeholders may approach Invest India, National Investment Promotion and Facilitation Agency, to facilitate technology transfer & foreign collaborations sgx .
The Minister thanked global champions for their hard work, massive investment & generating employment under PLI Schemes. He further stated that the Government is committed in fast tracking all the necessary approvals related to PLI industry and also providing handholding support in achieving greater market access deutsche-boerse .
The interaction focused on the tangible outcomes delivered by PLI Scheme across 14 sectors, which has led to a manufacturing surge and transcended India’s global competitiveness iba.org.in.
In the electronics sector, mobile phone manufacturing now accounts for half of India’s total output, with a 3x increase in exports since FY 2020-21. The pharmaceutical industry has revitalized domestic production of bulk drugs and complex generics, reducing import dependence. In the automobile sector, global champions have rolled out electric vehicles, with substantial investment in the country euronext .
The medical devices industry has seen technology transfers for critical equipment like CT scanners, fostering local production. Similarly, the food processing sector contributed to sustainable agricultural practices and production of millet and organic products. Emerging sectors like drones have experienced a sevenfold increase in turnover, driven by MSEMs & Startups. Solar PV Module and specialty steel industries are also witnessing robust growth, with significant investments and localized production renewableenergyworld . Fiinews.com
