The Production Linked Incentive (PLI) schemes have attracted ₹1.46 lakh crore in investments and created over 9.5 lakh jobs, Commerce and Industry Minister Piyush Goyal informed the Lok Sabha. The government has approved 764 applications under the PLI schemes across 14 sectors.
Goyal stated in a written reply that by August 2024, investments under the PLI schemes led to additional production and sales worth ₹12.50 lakh crore. Exports have exceeded ₹4 lakh crore, he added. The government disbursed incentives of ₹2,968 crore in eight sectors during 2022-23 and ₹6,753 crore in nine sectors during 2023-24.
Driving Self-Reliance and Exports
The minister emphasized that the PLI schemes aim to make India self-reliant by enhancing manufacturing capabilities. The schemes, with an outlay of ₹1.97 lakh crore, focus on boosting exports and strengthening domestic industries.
A Goldman Sachs report highlighted significant growth in India’s capital-intensive sectors like electronics, chemicals, and machinery. These industries have seen a rise in exports and employment, driven by government reforms and PLI incentives.
Transforming India’s Manufacturing Sector
The manufacturing sector is undergoing rapid transformation with support from the PLI schemes. The schemes are fostering technological advancements, enhancing competitiveness, and attracting both foreign and domestic investments.
The Goldman Sachs report also noted the government’s efforts to promote electronics assembly, machinery, and pharmaceutical manufacturing. These initiatives have boosted exports to developed markets, achieving double-digit growth. India is now shifting toward an export basket with more high-value products, reflecting progress in global trade.
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