The government has approved investment proposals totalling Rs 3,516 crore from 24 companies in the third round of applications for the Production Linked Incentive (PLI) scheme for white goods.
The scheme, which includes air conditioners (ACs) and light-emitting diodes (LEDs), was announced by the Department for Promotion of Industry and Internal Trade (DPIIT) on Monday.
Of the 24 companies that applied, the government selected 18 for their commitment to invest Rs 2,299 crore. This includes 10 AC component manufacturers and 8 LED light manufacturers. Notable companies selected for the scheme include Voltas, MIRC Electronics, and Lumax Industries.
In addition to the 18 selected companies, six applicants, including existing PLI beneficiaries, have been provisionally chosen for upgrading to higher investment categories.
These six companies have pledged an additional investment of Rs 1,217 crore. Among the companies in this category are Hindalco Industries, LG Electronics India, and Blue Star Climatech.
The DPIIT also mentioned that one applicant decided to withdraw from the scheme. Overall, 84 companies are now participating in the PLI scheme for white goods, with expected investments worth Rs 10,478 crore. These investments are projected to generate production worth Rs 1,72,663 crore.
The PLI scheme for white goods aims to establish a comprehensive component ecosystem for the AC and LED light industries in India. It also seeks to integrate India into global supply chains, boosting the country’s manufacturing capabilities.
Launched in April 2021, the PLI scheme is being implemented over seven years and is set to conclude in the financial year 2028-29. With an outlay of Rs 6,238 crore, the scheme has already seen two rounds of applications one in 2021 and another in 2022 due to underutilization of the initially allocated funds.
The third round of applications was opened in response to increased industry interest and the demand for further investment under the scheme.
Also Read: India Takes Lead In Technological Innovation, Says World Economic Forum
A ten-member delegation from the US state of Montana, comprising seven high school students and…
India will continue to expand faster than any G7 economy over the rest of this…
Global brokerage firm Morgan Stanley has expressed continued optimism about Indian equity markets heading into…
In a remarkable display of talent and creativity, six-year-old Vidhat, a resident of Karimnagar, is…
Corporate India saw a sales growth of 7.2% in FY25, up from 4.7% the previous…
India recorded a current account surplus of $13.5 billion or 1.3% of GDP in Q4…