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| Photo Credit: V.V. Krishnan
As many as 746 applications have been approved till November 2023 under the Production Linked Incentive (PLI) schemes for 14 sectors resembling pharma, white items, and electronics, an official assertion mentioned on December 26.
The schemes for 14 sectors have been introduced with an outlay of ₹1.97 lakh crore to boost India’s manufacturing capabilities and exports.
The commerce and trade ministry mentioned that beneficiary firms have arrange models in additional than 150 districts (24 States) and over ₹95,000 crore of funding has been reported till September, which has led to manufacturing/gross sales of ₹7.80 lakh crore and employment technology of over 6.4 lakh.
“746 applications have been approved till November 2023… Incentives worth around ₹2,900 crores have been disbursed in 2022-23. There has been a value addition of 20% in mobile manufacturing within a period of 3 years,” the assertion mentioned.
It added that of the $101 billion price of complete electronics manufacturing in 2022-23, smartphones constituted ₹44 billion, together with ₹11.1 billion as exports.
“Import substitution of 60% has been achieved in the telecom sector and India has become almost self-reliant in Antennae, GPON (Gigabit Passive Optical Network) and CPE (Customer Premises Equipment),” the ministry mentioned.
There has been a big discount in imports of uncooked supplies within the pharma sector additionally.
“Unique intermediate materials and bulk drugs are being manufactured in India including Penicillin-G, and transfer of technology has happened in manufacturing of medical devices such as CT scan, MRI,” it added.
About PLI within the white items (AC and LED gentle parts), it mentioned that 64 firms have been chosen under the scheme.
Out of this, 34 would make investments ₹5,429 crore for air conditioner parts and 30 would make investments ₹1,337 crore for LED part manufacturing.
“Further investments of ₹6,766 crore is envisaged creating additional direct employment of about 48,000 persons,” the ministry mentioned, including 13 overseas firms are investing ₹2,090 crore under the scheme.
