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Last updated: 02 Jan, 2024  

Manufacturing.Border.Thmb.jpg PLI scheme

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IANS | 02 Jan, 2024

The Production Linked Incentive (PLI) scheme was launched in March 2020, initially targeting three sectors ─ electrical component, medical devices and mobile & allied component manufacturing. Later, this scheme was extended to 14 sectors. Since then the scheme has come a long way in shaping up the Indian manufacturing sector, and latest official figures show that what has been achieved is significant.

According to a Commerce Ministry statement, the PLI schemes have led to investments of over Rs 95,000 crore till September, resulting in production/sales of Rs. 7.80 lakh crore and employment generation (direct & indirect) of over 6.4 lakh. Exports have been boosted by Rs. 3.20 lakh crore. Value addition of 20% in mobile manufacturing and import substitution of 60% in the telecom sector have been achieved.

Under the schemes, incentives worth around Rs. 2,900 crore have been disbursed in FY 2022-23. Recently, former RBI governor Raghuram Rajan asked the Centre to release the data on the amount of subsidies distributed under the PLI schemes, adding that it would allow a proper public assessment of the scheme. In terms of mobile manufacturing, he added that production should not be limited import-dependent assembly jobs.

Meanwhile, the Government has extended the tenure of the PLI scheme for automobile and auto components by one year, making partial amendments as per which incentive will be applicable for a total of five consecutive financial years, starting from FY 2023-24, but not beyond the financial year ending on March 31, 2028. Total outlay of the scheme has been increased to Rs 25,938 crore.

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