Production Linked Incentives Reshaping Industries, Giving Manufacturing Sector New Heights

The production-linked incentives led to an investment worth over 1.28 lakh crore fueling good results for ‘Make in India’ initiatives. The PLI  scheme across 14 sectors under the ‘Make in India’ initiative is catalysing double-digit growth in the manufacturing and construction sector in FY 2023-24.

boosting the manufacturing landscape over the past decade, Make in India has largely contributed to industrial growth.

In addition to attracting huge investment, sectors across the Production Linked Incentives scheme have generated 8.5 lakh jobs. Notably, the initiative sparked significant growth in industries such as electronics, steel, pharmaceutical and defence manufacturing.

Also Read: PLI Scheme Spurs Investment In Specialty Steel; Generates Jobs

India became the net export of steel, with production doubling in recent years. Toy exports saw a 239 percent increase while mobile production grew by 600 percent. Now, Indian defence exports span several countries marking India’s presence on the global stage.

To position India as a biomanufacturing leader, the bio-manufacturing scheme was launched. On the other hand, a critical mineral mission was launched to secure access to mineral resources for the manufacturing of semiconductors, electric vehicles and renewable energy products.

With the steel sector achieving the highest level of manufacturing and consumption in FY24, India’s core sectors have shown remarkable progress.  Notably, India has become the net exporter of finished steel achieving 50 percent growth since 2014.

Producing 997.2 million tonnes in financial year 24, the coal sector reached new heights.

Small and Medium Enterprises continue to play a crucial role in the manufacturing sector. MSME has contributed to 35% of the total outport and 45 percent of export.

As the country is set to produce 2,500 crore chips annually, Indian companies are focussing on production of silicon carbide devices to meet growing global demands