Monday, July 15, 2024

What is PLI Scheme? Know its Role in Indian Manufacturing Sector

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Indian manufacturing landscape is experiencing a significant transformation, fueled by government initiatives like the ‘Make in India’ campaign and the production-linked incentive (PLI) schemes. According to a recent report by leading business solutions provider Quess Corp, the manufacturing sector, along with retail, has joined the tech hiring wave in the country.

Traditionally dominant sectors like automotive and aerospace continue to lead, but there has been a notable expansion into emerging areas such as semiconductors, electronics, and electrical industries in FY24. This diversification underscores the industry’s embrace of technological advancements and its focus on innovation in product development and supply chain management.

What is PLI Scheme Know its Role in Indian Manufacturing Sector

The PLI scheme, a cornerstone of India’s industrial policy, plays a pivotal role in driving this growth. Aimed at boosting domestic manufacturing and exports in key sectors, the PLI scheme provides financial incentives to eligible companies based on their incremental sales of goods manufactured in India.

One of the key beneficiaries of the PLI scheme is the retail sector, which has witnessed a surge in demand for tech talent skilled in data analytics, AI, and digital marketing. With the rise of e-commerce platforms and omnichannel retailing, companies are leveraging technology to enhance customer experience and streamline operations.

Made In India PLI Scheme.

In the IT sector, despite navigating global uncertainties, there remains resilience and growth potential. Established functional skills like development, ERP, testing, design, and engineering continue to be in high demand. However, niche areas like cloud, cybersecurity, and analytics are experiencing a significant surge, indicating a dynamic and evolving IT landscape.

Looking ahead, experts anticipate a further rise in IT hiring fueled by the expansion of global capability centers (GCCs) and the stabilization of the global economy. Key technological advancements like big data and AI are expected to drive this growth, with cities like Bengaluru and Chennai showing the highest tech-focused intent-to-hire in FY24.

Indian Manufacturing Unit.

In conclusion, the PLI scheme has emerged as a catalyst for growth in India’s manufacturing sector, attracting investments, fostering innovation, and creating employment opportunities. As the country continues on its journey towards self-reliance and global competitiveness, the PLI scheme stands as a testament to India’s commitment to fostering a vibrant and resilient manufacturing ecosystem.

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