The Production-Linked Incentive (PLI) schemes in India have brought Rs 1.61 lakh crore in investments, Rs 14 lakh crore in production, and Rs 5.31 lakh crore in exports, as announced by the government. These PLI schemes investment have also created 11.5 lakh new jobs, giving a strong push to India’s manufacturing sector following recent investments. The schemes aim to make India a global manufacturing hub by encouraging domestic production and exports.
PLI Schemes Investment
The PLI schemes cover 14 important sectors, such as electronics, pharmaceuticals, food processing, medical devices, textiles, white goods, and telecom products. So far, 764 applications have been approved, with 176 small and medium-sized businesses (MSMEs) among the beneficiaries. This support is helping small industries grow and contribute to India’s manufacturing goals.
India’s exports have seen a remarkable increase under the PLI schemes, crossing Rs 5.31 lakh crore (around $61.76 billion). Sectors like electronics, pharmaceuticals, food processing, and telecom products are contributing heavily to this export boost. By increasing production within the country, these sectors are helping reduce India’s dependence on imported goods.
In the specialty steel sector, companies have already invested Rs 20,000 crore out of a committed Rs 27,106 crore. This investment has directly created jobs for 9,000 people. While 14 projects had to withdraw due to delays or changes in business plans, 35 companies have expressed interest in the second phase of the PLI scheme for specialty steel, with an additional investment commitment of Rs 25,200 crore.
PLI Scheme for Food Processing
The food processing industry is also benefiting from the PLI scheme. For the 2022-23 financial year, Rs 474 crore in incentives has already been disbursed. For 2023-24, the target is Rs 700 crore, and the government is on track to achieve this goal. Companies producing millet-based products must submit claims by November 30, while others have until December 31.
The PLI scheme is encouraging local manufacturing of advanced medical devices. So far, 19 new projects have been launched, and 44 high-end medical products like MRI machines, CT scans, mammograms, and ultrasound machines, which were previously imported, are now being produced in India.
In the white goods sector, 84 companies have committed Rs 10,478 crore to strengthen domestic production of air conditioners (ACs) and LED lights, reducing reliance on imports.
Telecom and Networking Growth
The telecom sector has achieved 60% import substitution under the PLI scheme. Major global tech companies have set up manufacturing units in India, turning the country into a major exporter of 4G and 5G telecom equipment. This has strengthened India’s position in the global telecom market.
The PLI schemes are playing a key role in boosting India’s manufacturing capacity, creating jobs, and increasing exports. By reducing dependence on imports and encouraging local production, these schemes are helping India move closer to its goal of becoming a self-reliant economy.
