India's PLI Scheme: Boosting Domestic Manufacturing and Export Growth

In a decisive move to bolster India's export landscape, Union Minister of Commerce and Industry Piyush Goyal stressed the necessity for India to leverage its competitive sectors. Speaking at the recent review meeting on the Production Linked Incentive Scheme, Goyal called for increased self-reliance in sectors pivotal to the scheme, while focusing on resolving challenges faced by stakeholders.

Goyal emphasized the urgent need for ministries to prioritize quality over quantity in skilled manpower development and work closely with the National Industrial Corridor Development Corporation to tackle infrastructure issues. He urged the need for a comprehensive five-year investment and disbursement roadmap while highlighting the progress in 14 sectors under the PLI scheme, which has seen investments surge to Rs 1.76 lakh crores.

The PLI Scheme has shown impressive results, generating Rs 16.5 lakh crores in production/sales and over 12 lakh jobs. Notably, the pharmaceutical sector recorded substantial export growth, while the bulk drug industry's initiatives have turned India into a net exporter. The scheme's focus on textiles and food products also marked significant employment and export gains, with food processing investments soaring to Rs 9,032 crore. India's strategic use of domestically grown agricultural products has further empowered SMEs and rural economies.

(With inputs from agencies.)