India's Manufacturing Boom: The Impact of PLI Schemes
The Indian government has approved 806 applications under the Production Linked Incentive (PLI) schemes, boosting sectors like telecom, electronics, and pharma. With Rs 1.76 lakh crore in investments and Rs 16.5 lakh crore in sales, the PLI initiatives have generated significant employment and shifted India's trade balance in bulk drugs and mobile manufacturing.
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The government announced on Tuesday that 806 applications have been approved under the Production Linked Incentive (PLI) schemes across 14 key sectors, aiming to boost India's manufacturing capabilities and exports.
Introduced in 2021, these schemes cover sectors such as telecom, electronics, pharmaceuticals, textiles, and automotive. Minister of State for Commerce and Industry, Jitin Prasada, revealed that investments totaling Rs 1.76 lakh crore have been realized across these areas, generating Rs 16.5 lakh crore in production and 12 lakh jobs.
The pharmaceuticals sector saw sales of Rs 2.66 lakh crore, making India a net exporter of bulk drugs. The mobile segment's production value surged by 146%, with exports rising by 775%. A cumulative incentive of Rs 21,534 crore has been disbursed to 12 sectors under the PLI initiative as of June 24.
(With inputs from agencies.)
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