The Commerce Industry statement released recently highlighted the remarkable impact of the central government's Production Linked Incentive (PLI) schemes. These initiatives have fostered investments exceeding Rs 95,000 crore till September, resulting in a substantial production output valued at Rs 7.80 lakh crore.
One of the most significant outcomes of the PLI schemes has been the generation of employment opportunities, directly and indirectly benefiting over 6.4 lakh individuals. The surge in exports, amounting to Rs 3.20 lakh crore, stands as a testament to the schemes' effectiveness in boosting the nation's global trade.
In the electronics sector, particularly mobile manufacturing, there has been a commendable 20% increase in value addition within a span of three years. Among the total electronics production worth USD 101 billion in FY 2022-23, smartphones alone contributed USD 44 billion, including exports valued at USD 11.1 billion.
The Telecom sector has witnessed a significant achievement, achieving 60% import substitution and establishing near self-sufficiency in Antennae, GPON, and CPE production. Moreover, substantial progress has been made in reducing pharmaceutical imports by manufacturing unique intermediate materials and bulk drugs like Penicillin-G domestically. Notably, technology transfer has facilitated the production of Medical Devices like CT scans and MRIs in India.
The growth in the drones sector has been exceptional, witnessing a sevenfold increase in turnover, predominantly driven by MSME startups. The PLI Scheme for Food Processing has significantly increased sourcing raw materials from India, positively impacting the income of Indian farmers and MSMEs.
The initiatives in the white goods segment, covering products like ACs and LED lights, have attracted investments from 64 companies amounting to Rs 5,429 crore, with projected additional investments of Rs 6,766 crore, creating approximately 48,000 direct employment opportunities.
The comprehensive success of these schemes is evident in the substantial incremental production forecasted to exceed Rs 1.23 lakh crore during the scheme period. The participation of both foreign companies and MSMEs, with investments totaling Rs 2,090 crore and Rs 1,042 crore, respectively, further highlights the schemes' effectiveness.
The beneficiaries' surpassing of the threshold investment, reaching Rs 2,084 crore against the stipulated Rs 1,266 crore, stands as a testament to the schemes' resounding success, affirming their pivotal role in driving economic growth and development.
(With Agency Inputs)
